DOGE Soars 8.10% After Musk's Playful Dig and Surge in Whale Activity

During his speech at the Economic Club of New York on September 5, Former President Trump announced that he would be invited Elon Musk to head the Government of efficiency commission that would be focusing on reorganising the federal government.

In the speech, Trump also thanked Tesla's Elon Musk for his support throughout this presidential election and elaborated that if Musk's schedule allows, he would be a good choice to head the task force.

It all started with a dig at Dogecoin

This whole joke started with a dig that Elon Musk threw at Dogecoin, teasing the acronym of D.O.G.E to mean the Department of Government Efficiency. Musk even created an AI-generated photo of himself on a podium with the Doge Signage and the caption, "I am willing to serve."

Amazingly, Trump agreed to this proposition. According to the speech Trump gave, the role of the Government Efficiency Commission is to conduct complete financial and performance audits of the entire federal government and make recommendations for drastic reforms.

Musk responded on X, asserting that this is badly needed. Musk adds that this would unlock tremendous prosperity for America.

Multiple factors that contributed to the spike in DOGE price

On top of the tease, crypto market analyst Ali Martinez also observed a huge movement in the Dogecoin. Just in the last 48 hours, over 1.40 billion DOGE tokens were acquired by whales, pushing the token past a crucial resistance level of $0.111.

The sudden movements in the Dogecoin, fueled by the remarks of Musk reignited investor's interest in dog-themed cryptocurrency.

Dogecoin currently has around 62,000 addresses that hold over 36 billion Doge at this critical juncture, and analysts believe that if the price holds above $0.111, it could lead to a major bullish breakout. This resurgence of DOGE's value also aligns with the gain across the meme coin sector, including SHIB, PEPE, and WIF, which saw an increase between 8% and 15%.

Additionally, Coinglass data reveals a 12% increase in DOGE’s futures open interest, reaching $600.32 million, along with a 34% spike in derivatives volume to $1.39 billion, indicating a continued upward trend for the coin.

Dogecoin (DOGE) is currently trading at $0.1174, having surged by 8.10% in the last 24 hours and 12.53% in the past week.

Bullish future of DOGE

DOGE’s positive momentum continues to gain traction, with crypto analyst Mikybull Crypto forecasting a "final phase expansion" for the token in this cycle. A recent price analysis from CoinGape echoes this optimism, bolstered by the project founder's reaffirmation of his commitment to Dogecoin and refusal to launch a new coin.

This convergence of factors indicates that Dogecoin is riding a strong wave of bullish sentiment within the broader digital asset market.