Billionaire and founder of Tesla and SpaceX, Elon Musk, appears to be influencing the symbolic price of Dogecoin (DOGE) with his proposed “Department of Government Efficiency” department under Republican Donald Trump’s presidential campaign. On October 18, 2024, DOGE gained notable attention from the crypto community with its impressive price increase of over 13%.
Elon Musk’s influence on DOGE
This notable price increase occurred after Musk’s discussion of his plan under the Department of Government Efficiency one day Pennsylvania City Hall. This was the first time since July 2024 that DOGE has experienced such a significant price increase.
During the event, Musk unveiled his plan for the proposed department, abbreviated as DOGE, which aims to improve the efficiency of the use of taxpayer dollars. Musk suggested that the proposed department would be run similarly to the companies he manages, with incentives for top performers and punishments for those who fail to deliver.
Musk in Donald Trump’s campaign
Musk has been a key supporter of Donald Trump’s campaign in the upcoming presidential elections in recent months. Since July 2024, Musk has donated a significant $75 million this month to the American PAC for various election campaigns in Pennsylvania.
With Musk’s proposed division and Trump’s potential victory in the upcoming elections, DOGE has received notable attention from traders and investors as it is poised to become part of the government.
DOGE Current price momentum
As of now, DOGE is trading near $0.1378 and has experienced a price increase of over 7.45% in the last 24 hours. During the same period, trading volume increased by 65%, indicating notable participation from traders and investors.
Moreover, the future of DOGE open interest has skyrocketed 21% in the last 24 hours and has been steadily rising. This growing open interest signals an increase in new positions from traders as the election approaches.
On the other hand, if Donald Trump wins this election, there is a good chance that DOGE’s performance will surpass that of most top cryptocurrencies.
