NEW: FREE Web3 Resume Cheat Sheet DOWNLOAD NOW

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

In this post:

  • The price of Dogecoin increased by 10% in the last 24 hours.
  • Elon Musk has been actively supporting Trump in ongoing elections.
  • Musk may head the “government efficiency commission” if Trump wins.

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.

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.

See also  Crypto investors lose $130 million in Bitcoin Kuwait scam

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.

See also  Ford CEO: Trump tariffs would wipe out billions in profits if they're long lasting

 

 

 

 

 

 

Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Subscribe to CryptoPolitan