While the rise in Bitcoin (BTC) and altcoins continues, Elon Musk's favorite Dogecoin (DOGE) positively separated from the market with its rise.
While Elon Musk and Trump's DOGE ministry efforts positively affected the Dogecoin price, interest in DOGE futures skyrocketed.
Interest in Dogecoin futures has reached new all-time highs since April, with open interest up 33% since Sunday to 8 billion coins, the data showed. DOGE bets on the stablecoin have jumped from $850 million to $1.3 billion.
When open interest increases along with rising prices, it indicates new money is entering the market and a strengthening bullish trend is occurring.
Interest in Dogecoin futures is soaring thanks to the possibility of a DOGE ministry as part of Donald Trump’s administration and the resurgence of commercial interest in DOGE.
The increase in the Dogecoin price is also attributed to Elon Musk’s support for Trump, Trump’s increasing chances of winning, Trump’s promise to include Musk in a government efficiency commission if he is re-elected, and the potential establishment of a Department of Government Efficiency (DOGE).
The user named “theunipcs”, who is known for his altcoin transactions on X and is an influential investor in the market, evaluated the increase in interest in DOGE futures on Coindesk.
“Elon Musk is making his 'Department of Government Efficiency' idea a reality and somehow he can tie it to DOGE.
If Trump wins after the US elections next week, I expect an even more parabolic move in Dogecoin because it becomes certain that the DOGE department will be established.
“There will likely be a delay of months between Trump's victory and his inauguration, and the creation of such a department would provide a solid trade opportunity.”
Dogecoin (DOGE), which has increased by 15.9% in the last 24 hours, continues to be traded at $0.164 at the time of writing.
*This is not investment advice.
