Elon Musk Dogecoin (DOGE) Department of Government Efficiency Rallies DOGE Traders, Open Interest Hits 5-Month High

The price of the meme-inspired cryptocurrency Dogecoin (DOGE) surged some 20.6% over the past week to now trade at $0.167 after a hat tip from Tesla and Space

Dogecoin (CRYPTO: DOGE) price surged some 20.6% over the past week to now trade at $0.167 after a hat tip from Tesla (NASDAQ:TSLA) and Space X CEO Elon Musk rallied DOGE traders, to the point open interest hit a five-month high.

Data from CoinGlass shows that Dogecoin’s open interest has surged to $1.3 billion, or 8.09 billion DOGE,, up more than 31.2% in the last 24-hour period after Musk attended a rally of U.S. Presidential candidate Donald Trump.

Musk, a well-known Dogecoin proponent, could run a government efficiency commission if Trump wins the upcoming presidential elections. That efficiency commission has been dubbed the “Department of Government Efficiency,” abbreviated as D.O.G.E. in a hat tip to the meme-inspired cryptocurrency’s ticker symbol.

Open interest refers to the total number of outstanding derivatives contracts, including futures and options, that haven’t been settled. It’s often used as a market sentiment indicator, with higher open interest suggesting more money entering the market, and lower open interest suggesting money is exiting the market.

The Department of Government Efficiency, on the microblogging platform X (formerly Twitter) referred to DOGE as its memecoin and noted it’s dedicated to “revolutionining public perception and engagement with government fiscal responsibility.”

Elon Musk's Involvement With Dogecoin

Dogecoin’s price has in the past exploded after Elon Musk and other celebrities mentioned it on social media. Musk, back in 2021, said that “SpaceX is going to put a literal Dogecoin on the literal moon,” and saw its price pump after Musk implied DOGE would be “going to moon very soon.”

Musk’s involvement with Dogecoin started to gain traction back in 2019, when in a post he said that the cryptocurrency “might be” his favorite crypto and said it’s “pretty cool.” His electric car maker Tesla reintroduced DOGE payments for merchandise on its online ship back in May of this year.

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