Dogecoin rises over 15% after Musk shares government efficiency plan

Donald Trump, the Republican presidential candidate of the United States, attracted much attention at the momentum building conference held in New York last Sunday, and the appearance of Elon Musk, Tesla's CEO, has obviously become the catalyst for the latest rise of the Dogcoin ($DOGE).

Musk supports Trump to seek re-election, and Trump also said that if he wins the election next week, Musk may take a position in the government, that is, responsible for managing a department called "Department of Government Efficiency", whose abbreviation (D.O.G.E.) is exactly the same as the token code of doggy coin. Considering Musk's long-term association with Dogecoin, this may not be a coincidence.

Last Sunday, Musk talked about how to save a lot of money for the US government through the Department of Government Efficiency at the Trump Campaign Conference. He estimated that the Department could reduce the US federal budget by at least $2 trillion. Since this event, the price of Dogecoin has been continuously rising, reaching a new high of $0.169 in nearly five months earlier today.

Dogecoin is one of the best performing cryptocurrencies among the top 100 by market capitalization in the past 24 hours, with a 14% increase, and is also one of the few currencies to keep up with the recent rise of Bitcoin.

In addition, Musk's tweet earlier today triggered a rise in the PEOPLE token. He posted on the social media platform X, mentioning "Power to the people!" and the price of PEOPLE coin rose from about $0.0712 to $0.078 in a short period of time, with an increase of about 5.7% in the past 24 hours. The PEOPLE token originated from ConstitutionDAO, which attempted to purchase a copy of the US Constitution at a Sotheby's auction in 2021 but failed.

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