Elon Musk's "DOGE" Response to Trump Cabinet Nomination Sends Dogecoin Price Soaring Nearly 6%
Elon Musk's "DOGE" Response to Trump Cabinet Nomination Sends Dogecoin Price Soaring Nearly 6%
Dogecoin (Dogecoin) surged nearly 6% today as Elon Musk responded with "DOGE" to Donald Trump's suggestion that he join his post-election cabinet. Tesla and SpaceX CEO Elon Musk responded to Trump's offer on Twitter, saying he was ready to accept the position, which he dubbed DOGE (Department of Government Efficiency). This news sparked a frenzy in the market, sending Dogecoin prices soaring, demonstrating the enthusiasm around the meme coin.
Following a recent statement by the Republican party hinting at their plans to appoint Musk to a cabinet position, Trump offered Musk a position in his cabinet or advisory team. In response, Musk stated that DOGE sounded like the perfect name for a potential cabinet position. As of Tuesday, August 20, Dogecoin prices have seen a 6% surge, reaching $0.1052.
Besides the price increase, Dogecoin's futures OI witnessed a 9% increase to $514.74 million, while derivative trading volume rose 76% to $1.1 billion, indicating positive sentiment surrounding the token. Although the 14-day RSI indicator remains at 47, indicating neutrality in terms of the asset overall, Elon Musk's remarks seem to have sparked considerable interest in the dog-themed meme coin during the ongoing US presidential campaign cycle.
According to a recent report by CoinGapeMedia, Donald Trump is currently dominating the polls. Americans eagerly await the November elections as a Republican win could initiate the aforementioned cabinet role, potentially reshaping the nation's landscape.
Disclaimer: This information is for informational purposes only and should not be considered as investment advice. Investing carries risks, and it is crucial to conduct your own due diligence before making any investment decisions.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
