Dogecoin (DOGE) surged 7%, reaching over 13 cents, by the end of U.S. trading on Thursday, after Elon Musk announced plans for a “Department of Government Efficiency” at a town hall in Pennsylvania.
The event encouraged early voting in the key battleground state where the two major parties are at odds. This rise extended the week’s total gains to over 22%, far outpacing Bitcoin’s 1% increase in the last 24 hours. Open interest in DOGE also soared to over 5 billion tokens, indicating strong market trends and potential volatility ahead.
Elon Musk has become a vocal supporter of Donald Trump’s presidential campaign, donating more than $75 million to American PAC, and is expected to participate in several campaign events in Pennsylvania this month.
He proposed a new department, abbreviated as DOGE, aimed at helping the government spend more efficiently. At the town hall, Musk suggested that this department could operate like a company, offering incentives for performance and penalties for underperformance.
Investor interest surged with the expectation that a Trump victory could lead to more discussions about DOGE. A trader remarked that Musk would continue to promote this concept until it becomes a reality.
Elon Musk, a long-time Dogecoin supporter, often sees DOGE rally whenever developments tied to payments at any of his companies, such as X or Tesla, emerge.
