Musk’s ‘DOGE’ Department Talk Fuels Dogecoin Price Rally

Dogecoin Surges on Elon Musk's 'DOGE' Department Discussion

In the past 24 hours, Dogecoin (DOGE) has witnessed a remarkable 8.86% surge, trading at $0.1634. This upward trend is attributed to Tesla CEO Elon Musk's recent comments regarding his proposed "DOGE" Department of Government Efficiency.

During an appearance on the Joe Rogan Experience podcast, Musk unveiled his plans to establish a "DOGE" department to combat the "suffocating federal bureaucracy." He expressed concerns over excessive government control, emphasizing the need for a mechanism to streamline and remove unnecessary regulations.

Musk's vision for the DOGE department aligns with his previous statements to Tucker Carlson, in which he proposed a "garbage collection" service for regulations lacking logical justification.

In September, Musk announced the Shiba Inu dog as the mascot for his proposed department, highlighting his support for the popular meme coin. This endorsement has been instrumental in fueling the recent price rally.

Over the past 30 days, Dogecoin has outperformed significant altcoins, registering an impressive 51% gain. Its market capitalization remains substantial, solidifying its position as the leading meme coin in the cryptocurrency space.