Popular dog-themed cryptocurrency Dogecoin DOGE/USD rallied sharply on Sunday after Sen. Bernie Sanders (I-Vt.) implicitly supported That of Elon Musk next Department of Government Effectiveness, or DOGE.
What happened: The world’s largest coin by market capitalization has surged more than 9% in the past 24 hours, outpacing gains made by blue-chip cryptocurrencies like Bitcoin BTC/USD And Ethereum ETH/USD.
DOGE trading volume jumped 40% to $8.93 billion, making it the fifth most traded cryptocurrency in the past 24 hours.
See also: Ethereum Rally is overshadowed by huge gains in cheaper games: why are ENS and ETC soaring today?
The rally took place after veteran left-wing politician Sanders. shared concerns about Pentagon financial management with Musk.
The independent senator highlighted the Pentagon’s $886 billion budget and its failure on audits for the seventh year in a row, sharing Musk’s stance on wasteful government spending and his mission to resolve this issue with the DOGE department.
The planned DOGE department, overseen by Musk and Vivek Ramaswamyseeks to reduce the complexity of federal bureaucracy and filter “Absurd” regulations.
Price action: At the time of writing, DOGE was trading at $0.4568, up 9.27% in the last 24 hours, according to data from Benzinga Pro.
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