DOGE Price Spikes 16% After Elon Musk Announces D.O.G.E. Plan

Memecoin DOGE surged more than 16% after Elon Musk announced his Department of Government Efficiency (D.O.G.E.) plan at Trump rally.

On the morning of October 28, Tesla and SpaceX CEO Elon Musk attended Trump's campaign rally in New York.
In his speech, Musk expressed his support for Trump's campaign and revealed a plan to cut up to $2 trillion from the US budget annually, called the "Department of Government Efficiency" or D.O.G.E.

The idea came after Republican candidate Donald Trump announced that he would appoint Musk to lead the agency if he won.

The D.O.G.E. plan quickly sparked attention for Dogecoin, thanks to its interesting coincidence with the DOGE ticker. Many are hoping that the memecoin will become a symbol of the political strategy of Trump and Musk, two powerful names in finance and technology. For investors, this is a powerful "catalyst", fueling the belief that a Trump victory could send the price of DOGE to new heights.

DOGE has skyrocketed to $0.169, a five-month high, and is currently trading around $0.164, up 13.45% over the past 24 hours.

Not only has the price increased, but Dogecoin's futures and derivatives contracts have also seen a strong explosion. Dogecoin's open interest has increased by 33% since October 27, reaching nearly 8 billion DOGE as of Tuesday morning, just 12% away from its previous record high. This shows that new money is flowing into Dogecoin, confirming the memecoin's sustainable growth after Elon Musk's statement.
Elon Musk's Dogecoin "shill" is no longer a new thing, but his appearance at Trump's campaign with the D.O.G.E plan has further fueled the excitement of Dogecoin holders. This billionaire, famous for posting images and articles supporting Dogecoin on the X platform, is jokingly called "The Trump Indicator" by the community.

Many times, Musk's moves have pushed the price of Dogecoin to skyrocket. Typically, he suggested that Tesla could accept Dogecoin payments through a viral video on X, or added Dogecoin to the payment list for some products. Once, he even surprisingly changed the X blue bird logo to a Shiba dog - the symbol of Dogecoin.

In his latest move, Musk posted a picture of himself at the recent rally paired with a Dogecoin dog, further increasing expectations that the idea of ​​a "Department of Government Efficiency" (D.O.G.E.) will be associated with DOGE if realized.