Elon Musk Spying Dogecoin Rally, Will DOGE Keep Up?

Billionaire and Tesla and SpaceX founder Elon Musk appears to be influencing the price of Dogecoin (DOGE), a “government efficiency unit” under Republican Donald Trump's presidential campaign. On October 18, 2024, DOGE gained tremendous attention from the crypto community due to its dramatic price increase of over 13%.

Elon Musk's influence on DOGE

This significant price increase comes after Musk spoke about the plan at a Pennsylvania town hall under the Department of Government Efficiency. This is the first time since July 2024 that DOGE has experienced such a significant price increase.

During the event, Musk announced plans for the department, which is slated to improve the efficient use of taxpayer dollars. Musk proposed that the proposed department be run in the same way as the companies he manages, with incentives for top performers and penalties for those who don't deliver.

Musk in Donald Trump's campaign

Musk has been a key supporter of Donald Trump's campaign in the upcoming presidential election over the past few months. As of July 2024, Musk has donated $75 million to America's PAC for several campaigns in Pennsylvania this month.

With Musk's proposed department and Trump's potential victory in the upcoming election, DOGE has received particular attention from businessmen and investors as it prepares to become part of the government.

DOGE current price momentum

As of now, DOGE is trading around $0.1378 and has experienced a price increase of over 7.45% in the last 24 hours. During the same period, the transaction volume increased by 65 percent.

Additionally, open interest in DOGE futures has risen by 21% in the past 24 hours and is steadily growing. This increasing open interest indicates an increase in new positions from traders as the election approaches.

On the other hand, if Donald Trump wins this election, it is very likely that DOGE will outperform most of the top cryptocurrencies.