🚀 Elon Musk’s DOGE Pump Resurfaces
posted 18 Oct 2024
Speaking at a town hall in Pennsylvania, Elon Musk once more brought up the Department of Government Efficiency (DOGE), causing the meme coin to pump by over 10%.
Open interest in DOGE futures simultaneously spiked, surpassing 5 billion tokens.
Market analysts note that the concurrent rise in open interest and price is a key indicator of a bullish market trend.
In September, Trump revealed his plans to appoint Musk as the head of a "government efficiency commission" should he win the election.
During a speech at the Economic Club of New York, Trump mentioned that Musk, who owns X, has committed to overseeing a thorough audit of the federal government's finances and operations to push for reforms.
Although both have dropped hints about continued collaboration, Trump’s remark marked the clearest sign that Musk is set to join the future administration.
Musk responded on X, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
Check this out: Dogecoin (DOGE): From Zero to Hero
Open interest in DOGE futures simultaneously spiked, surpassing 5 billion tokens.
Market analysts note that the concurrent rise in open interest and price is a key indicator of a bullish market trend.
DOGE Reacts to Elon Musk’s Comments. Source: Coinmarketcap
Despite his previous support for the Democrats, Elon Musk is now the biggest donor to Donald Trump’s presidential campaign, having contributed over $75 million.
In September, Trump revealed his plans to appoint Musk as the head of a "government efficiency commission" should he win the election.
During a speech at the Economic Club of New York, Trump mentioned that Musk, who owns X, has committed to overseeing a thorough audit of the federal government's finances and operations to push for reforms.
Although both have dropped hints about continued collaboration, Trump’s remark marked the clearest sign that Musk is set to join the future administration.
Musk responded on X, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
Yet, just a week later, Musk seemed to reconsider.
“Department
“Department
Of
Government
Efficiency,” he posted.
Musk’s clever play on words for his upcoming “selfless service” hinted at the popular meme token for the first time.
Since then, it’s evident that any mention of the DOGE Department can easily trigger price volatility for Dogecoin.
Related: Who’s Behind the DOGE Price Surge?
Since then, it’s evident that any mention of the DOGE Department can easily trigger price volatility for Dogecoin.
Related: Who’s Behind the DOGE Price Surge?
If Trump wins, market enthusiasm for Dogecoin will likely spike, especially if the DOGE initiative goes forward and the department becomes an official part of the government,concludes GN Crypto analyst Ivan Dikalenko.
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