Dogecoin’s price surged nearly 6% today, driven by comments from Tesla and SpaceX CEO Elon Musk regarding a potential cabinet role offered by former President Donald Trump. Musk's reaction included a playful reference to DOGE as the "Department of Government Efficiency."
Musk’s Statement
On August 20, Musk expressed his willingness to serve in a cabinet position through a post on X. He also shared an image featuring the acronym D.O.G.E, which he suggested as a fitting name for the proposed role. This announcement has generated considerable excitement and speculation about Musk’s potential involvement in a Trump administration if Trump were elected again.
Impact on Dogecoin
Following Musk’s statements, Dogecoin’s price climbed to $0.1052, up by 6% from previous levels. The cryptocurrency reached a low of $0.09871 and a high of $0.1055 within the past 24 hours.
Market Trends
The increase in Dogecoin’s price coincides with a broader uptrend in the market. According to Coinglass data, Dogecoin’s futures open interest (OI) grew by 9% to $514.74 million, and its derivatives volume surged by 76% to $1.10 billion. Despite this, the 14-day Relative Strength Index (RSI) is at 47, indicating a generally neutral sentiment.
Political Context
Trump’s lead in recent polls adds to the significance of the cabinet offer, with potential implications for the upcoming November elections. The prospect of Musk joining Trump’s team has further intensified interest in Dogecoin amidst the current political climate.