Finally, Musk’s announcement of his plan to establish a new government department called “Department of Government Efficiency” (D.O.G.E) created a huge jump in the price of Dogecoin (DOGE).

Following this announcement, Dogecoin gained 7% in value and rose above the 13 cent level for the first time since July. This development is particularly evident due to Musk’s political support for Donald Trump and D.O.G.E. It was associated with the speculative interest created in the market by the potential consequences of the plan.

Musk’s D.O.G.E. The plan aims to make the government use taxpayers’ money more efficiently and make the departments that spend more effective.

Speaking at a town meeting in Pennsylvania, Musk said D.O.G.E. He suggested that the department would be run like a company, simplifying the government’s spending processes and increasing efficiency. This management style includes elements such as performance-based rewards and penalties in case of failure.

These statements of Musk caused a great movement in the cryptocurrency market, while the price of Dogecoin increased rapidly. DOGE gained 7% in the closing hours of the US markets and has gained more attention than other major tokens in the crypto world with a 22% rise in the last week.

Meanwhile, reflecting the interest in Dogecoin, open positions in DOGE exceeded 5 billion tokens, signaling the high volatility that may be experienced in the market in the future. When open interest increases in the crypto world, this usually means more market activity and price changes.

Musk’s D.O.G.E plan is also considered in connection with his support for Donald Trump. Musk has made major contributions to Trump’s presidential campaign in recent months, donating more than $75 million to American PACs.

This strong support for Trump further increased the influence of Musk’s political stance on Dogecoin. In the crypto market, a Trump victory would mean D.O.G.E. There are expectations that it may lead to more conversations about Dogecoin and further increase interest in Dogecoin.

Musk will also attend several more campaign events in Pennsylvania in the coming weeks. While this state is witnessing a critical political struggle between Democrats and Republicans, early voting incentives also hold an important place. Musk’s support for Trump is followed with interest both in the political arena and in the crypto market.

In the crypto world, it is thought that Musk’s D.O.G.E plan could make Dogecoin even more popular. @theunipcs, an influential name on Twitter, stated that this new plan could accelerate the future rise of Dogecoin.

@theunipcs argued that Musk would turn this idea into a “meme” and realize it with the support of Trump. It has also been suggested that, in addition to Dogecoin, FLOKI, the meme project inspired by Musk’s dog, could benefit from this rise.

Musk’s long-term support for Dogecoin has previously caused the price of Dogecoin to rise rapidly when there were developments regarding the payments he made in companies such as Tesla and X (formerly Twitter). This new D.O.G.E plan and Musk’s political influence have increased expectations in the crypto market that Dogecoin could play an even more important role in the future.

Musk’s D.O.G.E plan aroused great interest in the cryptocurrency market and accelerated speculative transactions into Dogecoin. This development seems to have important consequences both politically and economically.

The future course of Dogecoin will be determined by whether Musk’s new department plan will be implemented and what impact it will have in the political arena.