Dogecoin’s price increased as Elon Musk announced “Department of Government Efficiency”

The price of Dogecoin increased by 10% in the last 24 hours. This could be because there is a constant discussion on Twitter regarding Musk’s bigger endorsement of the Shiba Inu coin in the future. 

Elon Musk has been actively supporting Trump in ongoing elections. He also made big donations and endorsements for the Republican candidate. He has been talking about creating the Department of Government Efficiency in different talk shows. The name itself is abbreviated as D.O.G.E.

D.O.G.E will fix it 🪓

— Elon Musk (@elonmusk) October 15, 2024

The purpose of this department would be to make government spending more efficient. Give Musk’s support for Dogecoin, the investments could be directed towards it or cryptocurrencies in general.

Trump has also shared his inclination to make Musk head the “government efficiency commission” if he becomes the President for the second time.

There is a high expectation of influential traders that Trump’s victory is going to increase DOGE endorsements and bring in more interest in Dogecoin.

Although the prices of cryptocurrencies are seeing a rise generally including Bitcoin. It is predicted that Bitcoin will make a new record before US general elections as well. Still, Doge’s move has been the highest as compared to other majors. Moreover, a rise in trading volumes of $120 M has brought in more open interest in the tracked dogecoin future.

Influtiential accounts on X are closely following DOGE

Influential X accounts became more interested in the meme coin after the revelation of Musk’s $75 M donation to PAC, the American political action committee.

PAC is handling most of the campaign’s work for Trump in various key states for the upcoming presidential elections in November.

A famous X trader tweeted that “Elon Musk is simply going to meme the ‘Department of Government Efficiency’ into existence – with validation from Trump!”. He further said that one can expect him to “aggressively bull post the concept until it gets created”.

Another tweet by @degentradingLSD asked “Many years ago, $DOGE pumped on a small sports team. And you are telling me we will name a government agency after it next year?”

Dogecoin could be used as payment method in more Musk owned companies

Musk has been supporting dogecoin for a long time. Therefore DOGE has the ability to increase the developments regarding payments at any company owned by Mush. Just like X and Tesla.

Musk has also hinted towards DOGE payments on Twitter for the token to be used as one of the payment options for the blue tick or Twitter Blue.

While Tesla already accepts DOGE payments to sell its merchandise on Tesla Store.