Dogecoin (DOGE) Surges 6% After Elon Musk Mentions 'Department of Government Efficiency' (DOGE) Acronym During Joe Rogan Podcast
- Patricia ArquetteOriginal
- 2024-11-05 16:18:17917browse
The leader of dog-themed cryptocurrencies, Dogecoin DOGE/USD, surged Monday after Elon Musk mentioned DOGE, an acronym for the potential Department of Government Efficiency
Dogecoin (CRYPTO: DOGE) price surged Monday after Elon Musk mentioned DOGE, an acronym for the potential Department of Government Efficiency, during a podcast with Joe Rogan.
What Happened: The largest meme coin by market capitalization saw a surge of over 6% in the last 24 hours, rising to the top of the daily gainers list.
The token’s trading volume also spiked over 30% to reach nearly $2.8 billion in the last 24 hours, making it the fourth-most traded cryptocurrency in the period, if one were to exclude stablecoins.
The latest uptick reversed DOGE’s downward trend over the weekend, bringing monthly returns to over 47% at the time of writing.
See Also: Peanut The Squirrel-Themed Meme Coins Surge Amid Social Media Outrage Over Celebrity Animal’s Death: Trump will Save The Squirrels, Says Elon Musk
Unsurprisingly, the rally was powered by yet another reference to DOGE by Musk on the famous Joe Rogan Experience podcast that aired Monday.
Musk explained the rationale behind setting up the so-called government efficiency department was to cut through the tangle of federal bureaucracy.
"So we got this vast, suffocating federal bureaucracy that just gets bigger every year, and eventually you get to the point where everything’s illegal. You can’t get anything done, " the Tesla (NASDAQ:TSLA) and SpaceX CEO said.
Why It Matters: Musk has been frequently touting DOGE from X posts to political rallies of late, triggering sharp but short-lived rallies for the associated meme token.
In an earlier interview with popular media personality Tucker Carlson, Musk said that the efficiency department would act as a “garbage collection” for regulations that don’t make sense.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1621, up 6.48% in the last 24 hours, according to data from Benzinga Pro.
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