DOGE Jumps 8% After Musk Reveals D.O.G.E Government Plan

Dogecoin (DOGE) saw an increase of over 8% in the past 24 hours following Elon Musk’s announcement regarding a proposed “Department of Government Efficiency” (D.O.G.E),

The billionaire entrepreneur behind SpaceX and Tesla, addressing a Pennsylvania town hall, inspired optimism, pushing DOGE’s value to $0.1343 as of 2:40 a.m. EST, marking its highest point since late July, according to CoinMarketCap.

This departmental concept was initially suggested by Donald Trump, who indicated he would select Musk to manage it if he wins next month’s presidential election.

Musk Discusses Vision For Proposed D.O.G.E

The envisioned governmental department, known as D.O.G.E., aims to enhance government efficiency concerning taxpayer spending. It also seeks to streamline departments overseeing expenditures.

In the town hall meeting, the tech leader suggested that the new department could function like a corporation, rewarding high achievers while holding underperformers accountable.

as far as $DOGE betas go, i expect ‘Department of Government Efficiency’ (the ETH memecoin) to also catch a bid off strong Dogecoin performance

especially since Elon is literally memeing the ‘Department of Government Efficiency’ concept every other day

there seems to be a… https://t.co/ySDg8IsLqM pic.twitter.com/V8boPiZeAE

— Unipcs (aka ‘Bonk Guy’) (@theunipcs) October 18, 2024

Only POPCAT Outperformed DOGE

In the last 24 hours, Dogecoin managed to outperform nearly the entire crypto market. The Solana meme coin Popcat (POPCAT) was the only cryptocurrency with a greater 24-hour gain than DOGE, which increased by over 13%.

Dogecoin has maintained its upward trend, now up 24% over the past week.

Regarding the broader crypto landscape, the overall value of the digital asset market saw a slight uptick. Meanwhile, fundraising for certain presale cryptocurrencies is booming amid discussions on whether a meme coin supercycle is emerging.

Among the notable performers is Pepe Unchained (PEPU), likely the most successful ICO of the year, raising over $20.4 million.

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