Elon Musk and Trump Support for Dogecoin (DOGE)! An Event Not Seen for a Long Time Happened!

Amidst the ongoing surge in Bitcoin (BTC) and altcoins, Dogecoin (DOGE), championed by Elon Musk, has emerged as a notable outlier with its exceptional price performance.

Musk's vocal support and the potential establishment of a "Dogecoin ministry" within a Trump administration have ignited a surge in interest in DOGE futures. According to recent data, open interest in DOGE futures has soared to new highs, with an increase of 33% since Sunday, reaching 8 billion coins. Bets on DOGE using stablecoins have also climbed from $850 million to $1.3 billion.

This increase in open interest alongside rising prices suggests an influx of new capital into the market and a strengthening bullish trend. The renewed commercial interest in DOGE, along with the possibility of a Dogecoin "ministry," are key drivers behind this surge.

Elon Musk's endorsement of Trump, Trump's improved election prospects, and the potential establishment of a Department of Government Efficiency (DOGE) have also contributed to the rise in Dogecoin's price.

Notably, the user "theunipcs," an influential market investor, has highlighted the significance of the growing interest in DOGE futures. They speculate that if Trump emerges victorious in the upcoming US elections, the establishment of a DOGE department could trigger an even more parabolic move in Dogecoin's price.

At the time of writing, Dogecoin (DOGE) remains in high demand, trading at $0.164 after a 15.9% increase in the past 24 hours.

This information is for informational purposes only and should not be construed as investment advice.