- DOGE has skyrocketed 8.86% in the past 24 hours, trading at $0.1634.
- Elon Musk talked about his DOGE department in a Joe Rogan podcast.
- Dogecoin is up a massive 51% in the last 30 days, outperforming major altcoins.
Dogecoin (DOGE), the leading meme coin by market capitalization, jumped 8.86% in the past 24 hours to $0.1634 after Tesla founder and CEO Elon Musk discussed his proposed Department of Government Efficiency, “DOGE,” during an appearance on the Joe Rogan Experience podcast.
Musk explained that the DOGE department is a response to the “suffocating federal bureaucracy,” which he believes “grows larger every year.” The billionaire expressed concern about excessive government control, warning that eventually, everything could become illegal, stifling progress.
Musk previously stated in an interview with Tucker Carlson that the department of efficiency is the solution to this bureaucratic overreach. He envisions the DOGE department acting as a “garbage collection” service for regulations that lack logical justification.
In September, Musk revealed that the Shiba Inu dog would be the mascot for his proposed DOGE department. The entrepreneur has frequently mentioned Dogecoin, sparking discussions in the crypto community about the potential adoption of the popular meme coin.
DOGE Up 51% in 30 Days
Dogecoin (DOGE) has surged a massive 51% in the past 30 days, outperforming the other cryptocurrencies in the top 10 as per CoinMarketCap data. In the past 24 hours, the trading volume of the meme coin rose 42.41% to $2.89 billion while its market cap stands at a massive $24.22 billion, making it the 8th-largest cryptocurrency by valuation.
Read also: Dogecoin and Shiba Inu: A Double-Edged Sword for Crypto Investors
DOGE has climbed 136.92% since November 2023, and the chart above indicates renewed bullish sentiment. The Relative Strength Index (RSI) currently reads above 64, suggesting strong buying pressure and a potential for DOGE to become overbought.
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