- Dogecoin’s price recovered from a 24-hour low of $0.08947, reaching $0.09417 after Musk’s government-related announcement.
- Open interest in Dogecoin futures increased by 0.59%, reflecting growing market attention after Musk’s recent endorsement.
Elon Musk recently confirmed his role in a possible Donald Trump administration, sparking attention in the cryptocurrency world. Musk posted on X, a picture with a label that read “DOGE” referring to the “Department of Government Efficiency.”
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
He has agreed to join Trump’s team as an advisor if the Republican party wins the 2024 election. The announcement followed Trump’s speech at the Economic Club of New York, where he criticized Vice President Kamala Harris’ tax policies.
In his speech, Trump argued that Harris’ proposed tax increases would hurt the economy, particularly small businesses. He claimed that reversing the tax cuts introduced during his presidency would lead to a $5 trillion tax hike.
Trump compared these policies to those seen in authoritarian countries, expressing concern for their potential impact on the U.S. economy.
Musk’s post, combined with his ongoing support for Dogecoin, has again influenced the cryptocurrency market. Following his announcement, Dogecoin’s price saw a 5% increase.
The coin, which had reached a low of $0.08947 in the past 24 hours, rebounded to $0.09417. Musk’s influence on Dogecoin is well documented, and this latest development has fueled speculation about the future of the meme coin.
In the market, Dogecoin’s open interest in futures contracts rose by 0.59% on the 4-hour chart, reaching $443.17 million.
Analysts have speculated that a Trump victory in the upcoming election could further drive up Dogecoin’s value, especially if Musk takes a formal role in the government.
As the election draws nearer, investors are paying close attention to Musk’s actions and their potential impact on Dogecoin’s price.
The relationship between Musk’s endorsements and Dogecoin’s performance continues to be a focal point in the cryptocurrency market, with many watching closely for future developments.
