DOGE Surges 8% After Elon Musk Unveils Details Of Department Of Government Efficiency (D.O.G.E)

Dogecoin (DOGE) Soars After Elon Musk Outlines Plans for "Department of Government Efficiency"

Dogecoin (DOGE) witnessed a remarkable surge of over 8% in the past 24 hours, as Elon Musk unveiled his plans for a proposed "Department of Government Efficiency" (D.O.G.E.).

Speaking at a town hall in Pennsylvania, the billionaire founder of SpaceX and Tesla shared his vision for the department. This news propelled DOGE's price to its highest level since late July, reaching $0.1343 at 2:40 a.m. EST, as reported by CoinMarketCap.

The concept of the department was initially proposed by Donald Trump, who expressed intentions to appoint Musk as its head upon winning the upcoming presidential election.

Musk's Outlines for Proposed D.O.G.E.

The proposed governmental department, abbreviated as D.O.G.E., aims to optimize government spending and streamline departments responsible for handling such expenses.

During the town hall, Musk suggested that this department could operate along the lines of a private company, incentivizing high-performers and imposing consequences on those who fail to meet expectations.

Strong Performance Relative to Crypto Market

Dogecoin outperformed almost the entire crypto market in the past 24 hours, with only Popcat (POPCAT), a Solana meme coin, posting a higher 24-hour gain at over 13%. Dogecoin has also extended its weekly gain to 24%.

While the broader crypto market experienced a slight increase in valuation, presale cryptos, such as Pepe Unchained (PEPU), have witnessed a surge in funding amid speculation about a potential meme coin supercycle.