Elon Musk Spicing Up Dogecoin Rally, Will DOGE Momentum Continue?

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Billionaire and founder of Tesla and SpaceX, Elon Musk, appears to be influencing the token price of Dogecoin (DOGE) with his proposed department “Department of Government Efficiency” under Republican Donald Trump’s presidential campaign. On October 18, 2024, DOGE gained remarkable attention from the crypto community with its impressive price surge of over 13%. 

Elon Musk’s Influence On DOGE

This notable price surge occurred following Musk’s discussion of his plan under the Department of Government Efficiency at a Pennsylvania town hall. This was the first time since July 2024, that DOGE has experienced such a significant price surge.

During the event, Musk revealed his plan for the proposed department, abbreviated as D.O.G.E, which aims to enhance the utilization of taxpayer funds more efficiently. Musk suggested that the proposed department will be run similarly to the companies he manages, with incentives for top performers and penalties for those who fail to deliver the result.

Musk in Donald Trump’s campaign

Musk has been a key backer of Donald Trump’s campaign in the upcoming presidential election over the past few months. Since July 2024, Musk has donated a significant $75 million to the American PAC for several election campaigns in Pennsylvania this month.

With Musk’s proposed department and Trump’s potential victory in the forthcoming election, DOGE has gained notable attention from traders and investors, as it is set to become part of the government.

DOGE Current Price Momentum

As of now, DOGE is trading near $0.1378 and has experienced a price surge of over 7.45% in the past 24 hours. During the same period, its trading volume skyrocketed by 65%, indicating notable participation from traders and investors.

Additionally, DOGE’s future open interest has skyrocketed by 21% over the past 24 hours and has been steadily rising. This growing open interest suggests an increase in new positions from traders as the election approaches.

On the other hand, if Donald Trump wins this election, there is a strong possibility that DOGE’s performance will surpass that of the majority of top cryptocurrencies.