Tesla CEO Elon Musk's favorite altcoin, Dogecoin (DOGE), draws attention with its rise in the last 24 hours.
Behind this rise, as is often the case, is Elon Musk. Musk's support for US presidential candidate Donald Trump and the possible political effects of the ministry abbreviated as DOGE led to an increase in interest and price in DOGE.
At this point, Elon Musk announced his plans for a “Department of Government Efficiency”, abbreviated as DOGE, at a town hall meeting in Pennsylvania yesterday, and the Dogecoin price began to rise.
During that event, an attendee asked Musk if he would create a new “Ministry of Government Efficiency,” to which Musk cheerfully replied, “Yes, Doge.”
According to the statement, the ministry, abbreviated as DOGE, aims to simplify the ministries that manage expenditures while ensuring that taxpayers' money is spent more efficiently by the government.
Elon Musk's frequent appearances in the election campaign have caused cryptocurrency investors to have increased expectations about DOGE. At this point, it is stated that the expectation among investors is that DOGE will become part of the government and its price will increase after Trump's possible victory.
Elon Musk has donated more than $75 million to American PAC since July as he emerged as a key supporter of Donald Trump's presidential campaign.
Following Musk’s statements, the DOGE price rose by 10.3% in the last 24 hours, reaching over $0.13. Dogecoin is also experiencing a boom on social media. Activity has reached its highest point in the last 12 months, with the price approaching 3-month highs.
*This is not investment advice.