The leader in dog-themed cryptocurrencies, Dogecoin DOGE/USDjumped Monday after Elon Musk mentioned DOGE, an acronym for the potential Department of Government Efficiency, during a podcast with Joe Rogan.
What happened: The largest coin by market cap surged more than 6% in the past 24 hours, surging to the top of the list of daily gainers.
The token’s trading volume soared 30% to nearly $2.8 billion over the past 24 hours, making it the fourth most traded cryptocurrency during the period when excluding stable coins.
The latest surge reversed DOGE’s downward trend over the weekend, with monthly returns exceeding 47% at the time of writing.
Unsurprisingly, the rally was fueled by yet another reference to DOGE by Musk on the popular Joe Rogan Experience podcast broadcast on Monday.
Musk explained that the reason behind creating the so-called Department of Government Effectiveness was to reduce the tangle of federal bureaucracy.
“So we have this vast, stifling federal bureaucracy that just gets bigger every year, and eventually it gets to the point where everything is illegal. There’s nothing we can do,” said the Tesla And EspaceX » said the CEO.
Why it matters: Musk has frequently touted DOGE from X-rated posts to political rallies lately, sparking sharp but short-lived rallies for the associated meme token.
In a previous interview with a popular media personality Tucker Carlson, Musk said the efficiency department would act as a “trash collection” for regulations that don’t make sense.
Price action: At the time of writing, Dogecoin was trading at $0.1621, up 6.48% in the last 24 hours, according to data from Benzinga Pro.
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