Elon Musk Confirms “DOGE” Post Donald Trump Speech, Dogecoin Jumps

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself both intrigued and amused by the recent developments surrounding Elon Musk and Dogecoin. The interplay between politics, technology, and finance is nothing short of fascinating, and it’s a spectacle that never ceases to surprise me.

In a surprising move, Elon Musk, CEO of Tesla and SpaceX, expressed his excitement about potentially reviewing the efficiency of U.S. Federal Agencies if Donald Trump wins the 2024 U.S. Presidential Elections. He even suggested that he might join Trump’s team as an advisor under a potential new department he’s calling “DOGE,” which stands for Department of Government Efficiency. This announcement garnered widespread attention over the weekend in the United States.

In the meantime, Dogecoin – a cryptocurrency with its roots in internet memes and heavily impacted by an American businessman – saw growth following a 24-hour low, stirring conversations among investors.

Elon Musk Reaffirms DOGE Post Under Trump

Recently, Elon Musk shared an image on September 7th where he was identified as “DOGE,” with the caption “Department of Government Efficiency.” This post follows his agreement to accept a cabinet position offered by Donald Trump, if the Republican party wins the upcoming elections.

According to a report by CoinGape Media, Donald Trump declared at the Economic Club that a Government Efficiency Commission, led by Elon Musk, would be established. This revelation has fueled further debates in the midst of the current presidential election campaigns.

As a researcher, I’d rephrase that as: In response to Elon Musk’s latest post, Linda Yaccarino, CEO of X, has spoken up. Notably, this response comes shortly after Donald Trump’s speech at The Economic Club New York, where he criticized Kamala Harris’ taxation policies in the Republican Party.

Donald Trump Slams Harris Over Taxation Policies

At The Economic Club of New York, the Republican criticized Harris for potentially harming the economy with her tax plans. To clarify, Harris has advocated for abolishing the Trump tax reductions and capping national taxes at $5 trillion, which would set a new high if implemented.

Moreover, the Republican explicitly declared that this increase would set a record for small businesses. It’s worth noting that the previous U.S. president compared these policies to those of ‘communist China,’ implicitly criticizing Vice President Harris.

Despite this, Elon Musk remains supportive of Republican candidate Donald Trump during the current presidential race. Earlier reports have suggested that the value of Dogecoin (DOGE) has risen simultaneously with these events, fueling rumors and speculation.

Dogecoin Price Gains

Today, the price of Dogecoin started climbing, increasing approximately 5% following a daily low of $0.08947. At this moment, it’s trading at $0.09417. The highest point reached during the day was $0.09777 for Dogecoin.

Significantly, the Open Interest (OI) of Dogecoin’s futures increased by 0.59% over a 4-hour period, and by 0.14% within an hour, peaking at approximately $443.17 million. This modest upward trend, coinciding with Elon Musk’s post, has generated considerable interest in the cryptocurrency.

Observers of the cryptocurrency market are pondering whether Donald Trump’s victory could stimulate growth in Dogecoin, given that Elon Musk might assume a government role with an existing investment in DOGE. According to Polymarket data, Trump’s chances of winning stand at 51%, while Harris has a 48% probability.

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2024-09-07 15:34