At a recent Trump rally, Elon Musk presented concepts for a new initiative called the “Department of Government Efficiency,” or D.O.G.E.
The cryptocurrency Dogecoin (DOGE) saw a 7% increase in value a few hours after the occurrence, which seems to be unrelated.
Will Dogecoin Continue to Rise for a Few Days?
Musk claims that the D.O.G.E. would be created to increase the effectiveness of government expenditure and consolidate the divisions that manage public cash. Notably, Musk’s reference to DOGE has nothing to do with the digital asset.
Even nevertheless, the announcement of D.O.G.E. generated enthusiasm in the cryptocurrency market, especially for Dogecoin (DOGE), which for the first time since late July 2024 surged 7% to over 13 cents.
Additionally, the memecoin has gained more than 24% during the last week, with a recorded 9.65% growth in the last day. In fact, the coin has performed better than the whole cryptocurrency market, which witnessed a mere 1% increase in value during the same 24-hour period.
Dogecoin has responded favorably to Musk’s remarks on previous occasions.
He suggested that Tesla would accept DOGE payments in March 2024, which sparked a significant price increase. Shortly after, Tesla formally included the memecoin as a payment method on its website, which caused the cryptocurrency to rise once more.
According to cryptocurrency traders, a possible Trump win might spark more conversations about DOGE and increase consumer interest in Dogecoin. The popularity of the meme coin might gain more traction if this suggested department is implemented.
The scenario is being keenly monitored by analysts. For instance, X user Dylan proposed that, following Dogecoin’s surge, there might be a wider resurgence of other altcoins.
This suggests that Dogecoin’s popularity may spread beyond the cryptocurrency itself, possibly bringing other digital assets back to life.
