Hassan Maishera
TL;DR
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DOGE is up 10% in the last 24 hours, making it the best performer among the top 10 cryptocurrencies.
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The cryptocurrency rallied after Elon Musk discussed plans for a "Department of Government Efficiency" (D.O.G.E) at Trump’s Pennsylvania campaign.
DOGE Surges 10% as Musk Mentions D.O.G.E at a Trump Rally
DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. The coin rose 10% in the last 24 hours, outperforming the broader market.
At press time, DOGE is trading at $0.1347 and could surge higher in the near term. The rally can be attributed to Elon Musk discussing plans for a "Department of Government Efficiency" (D.O.G.E) during a Trump campaign in Pennsylvania.
The proposed department, abbreviated as D.O.G.E, seeks to ensure government spending of taxpayer money becomes more efficient while streamlining departments that handle spending.
While discussing plans for D.O.G.E, Musk suggested that the department could operate like a corporate entity, with incentives for performers and penalties for those who fail to deliver results.
While D.O.G.E and Dogecoin are unrelated, Elon Musk has been an ardent supporter of the cryptocurrency and shilled it in the past. Thanks to this latest rally, DOGE is up 24% in the last seven days, outperforming the other major cryptocurrencies.
Bitcoin, the leading cryptocurrency by market cap, is up above $68k once again after adding 1.3% to its value in the last 24 hours. Ether also trades above $2,600 despite adding less than 1% to its value.
