Dogecoin (DOGE) Rises 10% After Musk Appears on Joe Rogan’s Podcast: Details

TL;DR

Dogecoin rose substantially following Elon Musk’s latest comments about a possible “DOGE” government department. Analysts are speculating about DOGE’s potential for $1, with some citing a possible Trump victory as a factor that could generate sustained hype.

DOGE rally

The cryptocurrency sector is slightly in the red today (November 5), with its global market capitalization down more than 2% to around $2.38 trillion (according to data from CoinGecko). Bitcoin (BTC) is currently trading around $68,500 (roughly the same level seen 24 hours ago), while Ethereum (ETH) is down 1.7%.

One of the main digital assets defying the negative trend is Dogecoin (DOGE). The OG meme coin experienced a 10% price increase on a daily basis, rising to almost $0.17.

Price DOGE, Source: CoinGecko

His impressive performance can be attributed to Elon Musk’s comments during his recent appearance on Joe Rogan’s podcast. The Tesla CEO spoke again about establishing a Department of Government Efficiency (DOGE) in the event that Donald Trump wins the US presidential election.

This time, Musk dropped many more details, saying the potential split will aim to solve the problem with “the stifling massive federal bureaucracy” and rein in government spending, which has gone through the roof in recent years.

“Our interest payments on the national debt now exceed the budget of the Department of Defense. America is on the verge of bankruptcy, so we must reduce government spending, or we will just go bankrupt as it is would make a person if they overspend.”

The head of Tesla is a big supporter of Dogecoin and one of the most influential people to publicly endorse Trump for president. As such, it is safe to assume that the final election results could lead to additional price volatility for DOGE.

Is the $1 goal plausible?

Numerous analysts noted DOGE’s resurgence, predicting further increases in the future. One of those who participated was user X Satoshi Flipper.

The trader believes that a Trump victory could lead to an increase in the price of Dogecoin to $1 due to the constant potential interactions on the Department of Government Efficiency for the next four years.

#DOGECOIN/usdt WEEKLY$DOGE Hodlers will be very happy when Musk and the US government release the Department of Government Efficiency (DOGE) non-stop for the next 4 years.

If Trumps wins, $DOGE —> $1 pic.twitter.com/csowJCIOGA

— Satoshi Flipper (@SatoshiFlipper) November 4, 2024

Hitting the $1 milestone seems unlikely at this point, considering the meme coin’s market cap needs to exceed $140 billion for that to happen. DOGE’s market cap is around $24.5 billion, but let’s not forget that it exploded above $90 billion in May 2021.

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