Dogecoin ($DOGE) saw a massive surge in value, jumping around 25.4% over the past 24 hours.
Notably, the spike in price pushed Dogecoin’s market capitalization to just over $29 billion, temporarily surpassing XRP to become the seventh largest cryptocurrencies by market value, before receding.
The remarkable rally came in the wake of recent comments made by X (formerly Twitter) owner Elon Musk, who has historically been a vocal supporter of the cryptocurrency. In an interview with Joe Rogan, Musk shared his thoughts on government efficiency, jokingly proposing the idea of a “Department of Government Efficiency” (DOGE).
Musk criticized the growing bureaucracy of the U.S. government, pointing out the massive number of federal agencies, which he described as “suffocating” the country. He argued that government spending was spiraling out of control, with interest payments on the national debt now surpassing the defense budget, a trend that could ultimately lead America towards bankruptcy.
Musk’s comment reignited investor enthusiasm for DOGE, sparking a massive 243.37% surge in trading volume, which reached $10.99 billion over the past 24 hours, coinciding with growing optimism as polls showed Trump emerging victorious.
Notably, Musk’s influence on Dogecoin is well-documented.
As Dogecoin continues to attract attention, the cryptocurrency network is also expanding, with over 35,000 new addresses added daily according to data from Intotheblock.
