Dogecoin has surged 7.66% in the past 24 hours, reaching $0.170 following Elon Musk’s latest comments on the Joe Rogan Experience podcast. The Tesla CEO discussed a potential new government entity, playfully named the “DOGE Department,” which he described as a mechanism to streamline government efficiency.
Source: CoinMarketCap
Musk credited his skit to his worry about a growing federal bureaucracy, which he argues kills more actions through regulation. He envisions this department as a cleanup crew for unnecessary regulations, simplifying the bureaucratic process.
Over two months ago, Musk discussed the creation of the eventual department in an interview with Tucker Carlson, stating that it would greatly redress bureaucratic inertia and help create a more effective government. He also mentioned that the Shiba Inu dog, the symbol of Dogecoin, would be the mascot for this proposed department, linking the initiative directly with the cryptocurrency.
Also Read: Elon Musk Triumphs as $258 Billion Dogecoin Lawsuit is Dismissed
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Cryptocurrency Market Reaction
This announcement has had a palpable impact on Dogecoin’s market performance. Over the past 30 days, Dogecoin has seen a dramatic 51% increase, significantly outperforming other top cryptocurrencies. The meme coin’s trading volume has risen by 42.41% to $2.89 billion, and its market capitalization has reached $24.22 billion, ranking it as the eighth-largest cryptocurrency.
Notably, Dogecoin has risen 136.92% since November 2023. The current market indicators show strong buying pressure, with the Relative Strength Index (RSI) above 64, hinting at the potential for the coin to become overbought.
With Dogecoin trending upwards, both the cryptosphere and potential users have already looked at how Musk’s support and the unprecedented concept of the DOGE Department could affect the coin’s price rise and popularity in the future.
Also Read: A massive amount of Dogecoin has been withdrawn from the Bankrupt Exchange, Bittrex
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.