Dogecoin’s price surged by nearly 6% following a notable interaction between Elon Musk and former U.S. President Donald Trump. The rise came after Musk responded to an offer from Trump to join his cabinet, should Trump be re-elected in the upcoming election. Musk humorously referred to the potential position as “DOGE,” short for the Department of Government Efficiency.
This playful yet significant exchange occurred on X (formerly Twitter), where Musk posted, “I am willing to serve,” along with an image labeling the role as DOGE. The post quickly gained traction, stirring both political and financial circles.
Elon Musk’s Quirky Response to Trump’s Cabinet Offer
On August 20, Elon Musk made headlines with a simple yet impactful post on X, where he stated, “I am willing to serve,” along with a humorous image that labeled his would-be position as “DOGE.” This playful response follows recent speculation that Donald Trump, the Republican frontrunner for the 2024 presidential election, might tap Musk for a significant role in his cabinet if he secures victory.
This unexpected development sent ripples across both political and financial spheres, especially within the cryptocurrency market. Dogecoin, a digital currency often influenced by Musk’s tweets, saw its price rise sharply following the announcement. Investors quickly reacted to the news, driving DOGE’s value up by nearly 6%, further cementing Musk’s influence on the meme token.
Also Read: Elon Musk and Donald Trump Talk U.S. Economy, Avoid Crypto Discussion
Dogecoin’s Market Reaction: A Closer Look
As of Tuesday, August 20, Dogecoin’s price reached $0.1052, marking a 6% increase from its previous value. The token’s daily trading range fluctuated between $0.09871 and $0.1055, reflecting the impact of Musk’s remarks on the market.
In tandem with Dogecoin’s price surge, data from Coinglass highlighted a 9% jump in Dogecoin futures open interest, reaching $514.74 million, while derivatives volume spiked by 76% to $1.10 billion. Despite these bullish indicators, the 14-day RSI remained at 47, suggesting a neutral sentiment among traders.
Musk’s comments have once again spotlighted Dogecoin in the midst of the ongoing U.S. presidential campaigns, where Donald Trump currently leads in several polls. The prospect of Musk joining Trump’s team, under the playful banner of DOGE, adds a unique dimension to the upcoming elections, with the potential to influence both political and financial landscapes.
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