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Notably, the price surge pushed Dogecoin’s market capitalization to just over $29 billion, temporarily surpassing XRP to become the seventh-largest cryptocurrency by market value, before falling back.
This remarkable rebound follows recent comments from X (formerly Twitter) owner Elon Musk, who has always been a strong supporter of cryptocurrency. In a interview Along with Joe Rogan, Musk shared his thoughts on government efficiency, jokingly proposing the idea of a “Department of Government Efficiency” (DOGE).
Musk criticized the growing bureaucracy of the US government, pointing to the massive number of federal agencies, which he described as “choking” the country. He argued that government spending was spiraling out of control, with interest payments on the national debt now exceeding the defense budget, a trend that could ultimately drive America into bankruptcy.
Musk’s comment reignited investor enthusiasm for DOGEtriggering a massive 243.37% increase in trading volume, which reached $10.99 billion over the past 24 hours, coinciding with growing optimism as polls showed Trump emerging victorious.
& nbspMusk’s influence on Dogecoin is notably well documented. Earlier in August, the billionaire made headlines when he responded to Republican presidential candidate Donald Trump’s suggestion to add Musk to his administration. Musk shared an image of himself with the caption “DOGE,” subtly playing on the idea of joining a future government that might adopt a Dogecoin-friendly agenda. This gesture led to a 6% increase in the value of Dogecoin that day. With Trump now winning the US election, investors are hoping that Musk’s proposed “DOGE Department” will become a reality, potentially leading to further price hikes for the token.
Musk’s tweets and public actions have historically moved the price of Dogecoin, with notable incidents such as a 25% surge in April 2023 after Twitter’s logo was temporarily replaced by Dogecoin’s mascot. The cryptocurrency community has closely followed Musk’s interactions with the market, as his influence on Dogecoin is seen as both a meme-driven catalyst and a serious market force.
In addition to Musk’s remarksAnalysts have predicted a continued upward trajectory for Dogecoin, with crypto expert Ali Martinez noting that Dogecoin could be set for a “parabolic bull run” if it can maintain a sustained close above $0.20. Martinez highlighted a historical pattern that saw Dogecoin break out of a multi-year descending triangle and surge 200%, suggesting the current decline could set the stage for the next big rally.
As Dogecoin continues to attract attention, the cryptocurrency’s network is also expanding, with over 35,000 new addresses added daily according to data from In the Block.
At press time, DOGE was trading at $0.1963, reflecting a 16.87% rise over the past 2 hours.