DOGE Surges 8% After Elon Musk Unveils Details Of Department Of Government Efficiency (D.O.G.E)

Dogecoin (DOGE) surged more than 8% in the last 24 hours after Elon Musk unveiled plans for a proposed “Department of Government Efficiency” (D.O.G.E),

The billionaire founder of SpaceX and Tesla, speaking at a Pennsylvania town hall, shared his vision for the department, boosting DOGE’s price to $0.1343 as of 2:40 a.m. EST, its highest level since late July, according to CoinMarketCap.

The idea for the department was originally proposed by Donald Trump, who said he would appoint Musk to lead it if he wins next month’s presidential election

Musk Outlines Plans For Proposed D.O.G.E 

The proposed governmental department, abbreviated D.O.G.E., will aim to optimize government spending of taxpayer money. It will also try to streamline departments that handle spending.

During the town hall, the tech mogul suggested the proposed department could operate in the same way as a company, incentivizing the department’s top performers while penalizing anyone who fails to deliver results.

as far as $DOGE betas go, i expect 'Department of Government Efficiency' (the ETH memecoin) to also catch a bid off strong Dogecoin performance

especially since Elon is literally memeing the 'Department of Government Efficiency' concept every other day

there seems to be a… https://t.co/ySDg8IsLqM pic.twitter.com/V8boPiZeAE

— Unipcs (aka 'Bonk Guy') 🎒 (@theunipcs) October 18, 2024

Only POPCAT Outperformed DOGE 

Dogecoin was also able to outperform almost the entire crypto market during the past 24 hours. Solana meme coin Popcat (POPCAT) was the only crypto to post a larger 24-hour gain than DOGE after its price rose over 13%.

Dogecoin extended its weekly gain, and has now surged 24% over the last 7 days.

When it comes to the rest of the crypto market, the total valuation for the digital asset sector rose just a tad. But funding for some presale cryptos is surging amid debate over whether a meme coin supercycle is beginning.

Among standout performers is Pepe Unchained (PEPU), probably the most successful ICO of the year after raising more than $20.4 million.

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