Dogecoin Soars, Is Doge Getting Ready to Fly?
The post Dogecoin Soars, Is Doge Getting Ready to Fly? appeared on BitcoinEthereumNews.com.
DOGE had a strong run last week, with support from Elon Musk and the growing narrative around meme coins. Is it just getting started? Elon Musk, the enigmatic billionaire, has once again injected excitement into the crypto world, this time with a political twist. During a town hall event in Pennsylvania supporting Donald Trump’s presidential campaign, Musk introduced a bold new idea—the “Department of Government Efficiency,” or as he calls it, D.O.G.E. The announcement caused an immediate stir in the crypto markets, sending Dogecoin (DOGE) soaring 7% and breaking the 13-cent mark for the first time since July. Source: Trading View The timing couldn’t be better. With early voting underway in a crucial battleground state, both parties are pulling out all the stops. But it was Musk’s unexpected pitch for D.O.G.E, designed to streamline government spending and cut waste, that stole the show. According to Musk, this new department would run with a corporate-style approach, rewarding those who deliver results and penalizing inefficiency. It’s a radical idea in a political landscape known for its bureaucratic sluggishness, and Musk’s blend of memes and serious policy sparked speculative interest in the token that shares its namesake. Source: X Dogecoin, originally launched as a joke, has long been tied to Musk’s tweets and endorsements, gaining attention each time he mentions it. So when he connected the idea of D.O.G.E with actual governance, crypto traders jumped on the opportunity. Within hours, DOGE-denominated futures contracts surged, with over 5 billion tokens in open interest—hinting at further price volatility ahead. Musk’s role in Trump’s campaign has been increasingly evident. He’s not only endorsed the former president but also poured $75 million into the American PAC since July, signaling his intention to be a major player in the upcoming election. If Trump wins, the potential for D.O.G.E…
Filed under: News - @ October 20, 2024 1:11 pm