(24-hour Dogecoin price trend)

Dogecoin Surges 25%, Elon Musk's Commission Stirs Controversy

November 12, 2024, 10:00 PM

Dogecoin (DOGE) has witnessed a remarkable surge, with its price reaching $0.35903161003827 at the time of writing. This represents a significant increase of 25.60102398% over the past 24 hours.

According to CoinMarketCap, Dogecoin's trading volume has also surged, reaching $38934966879.526 in the past day. With a circulating supply of 146760606383.71 and a maximum supply of None, Dogecoin's market capitalization stands at $52691696800.134.

Elon Musk's recent establishment of the "DOGE Efficiency Commission" has sparked controversy in the cryptocurrency community and beyond. Some analysts warn that the commission could lead to the largest layoff of government employees in US history, while others speculate that Musk is aiming to abolish the Federal Reserve (Fed).

Despite Dogecoin's rally, other major cryptocurrencies have experienced a mixed bag of results. Cardano (ADA) has cooled off after a massive rebound on Sunday, while Ethereum (ETH), Binance Coin (BNB), Tron (TRX), and Avalanche (AVAX) have seen slight losses.

The Dogecoin community remains optimistic about its future prospects. Some analysts believe that DOGE could reach $1 by the end of the month, fueled by Musk's support and a surge in retail investor interest. However, others caution that the cryptocurrency market remains highly volatile, and investors should proceed with caution.