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Dogecoin Surges as Elon Musk Promotes DOGE at Trump Campaign

Dogecoin $DOGE surged 7% to over 13 cents in late U.S. trading on Thursday after Elon Musk announced plans for a “Ministry of Government Efficiency” at a Pennsylvania town hall.

The event encouraged early voting in the key state, where the two major parties are locked in a bitter feud. The gains extended its weekly gains to over 22%, surpassing Bitcoin’s 1% gain over the past 24 hours. Open interest in DOGE also surged to over 5 billion tokens, signaling a strong market trend and upcoming volatility.

Elon Musk has become a vocal supporter of Donald Trump’s presidential campaign, donating over $75 million to the American PAC and is expected to attend multiple campaign events in Pennsylvania this month.

He proposed a new department, abbreviated DOGE, to help the government spend more efficiently. At the town hall, Musk suggested that the department could operate like a corporation, with incentives for those who perform and penalties for those who do not.

The expectation that Trump's victory could lead to more discussion about DOGE has generated interest from investors. One trader stated that Musk will continue to promote the concept until it becomes a reality.

Elon Musk is known to be a long-time supporter of Dogecoin, and DOGE tends to rise sharply when there is a payment-related development at any of Musk's companies, such as X or Tesla