Musk's Shoutout to DOGE Sees 10% Spike in Token

Dogecoin (DOGE) surged in value Thursday following a brief mention by Tesla CEO Elon Musk during a town hall in Folsom, Pennsylvania.

The event, aimed at promoting early voting in the battleground state, took place at Ridley High School, where Musk was asked if he would lead a proposed "Department of Government Efficiency.”

With a grin, he responded, "Yeah, Doge," sparking cheers from the audience.

Dogecoin's value quickly rose to $0.1344, gaining over 10% in 24 hours and pushing its market capitalisation to $19.6 billion, according to CoinMarketCap.

Musk's appearance, organised by Trump's America PAC, was part of efforts to encourage voter registration in the Philadelphia suburbs ahead of the 2024 presidential election.

Operation of Department of Government Efficiency

The proposed Department of Government Efficiency (D.O.G.E.) aims to optimise taxpayer spending by streamlining government agencies and enhancing fiscal accountability.

During the Thursday town hall, Musk suggested that the department could operate like a corporation, offering incentives for high performance and imposing penalties for underperformance, creating a more results-driven approach to public sector management.

Musk's Doge Mention Was Not Out of Character

Musk's mention of Dogecoin was not random—it followed Trump's recent proposal to address governmental inefficiency.

In September, Trump suggested an efficiency commission, led by Musk, to conduct a comprehensive audit of the federal government's finances and performance.

Musk endorsed the idea, calling it an opportunity to unlock "tremendous prosperity for America.”

The Dogecoin community viewed his playful remark as another subtle nod to the cryptocurrency, which has often surged following his public comments.

Trump's Victory Equal to Heightened DOGE Attention & Interest?

Crypto traders are speculating that a Trump victory could boost discussions around "DOGE," driving increased retail interest in Dogecoin, especially if the proposed D.O.G.E. becomes a reality.

Over the past week, DOGE has surged nearly 23%, outperforming all other top 10 cryptocurrencies by market cap.

This rally underscores the coin's sensitivity to Musk's public statements, including a recent tweet, "D.O.G.E. will fix it," after California blocked a SpaceX launch.

Although the tweet seemed to reference the government efficiency department, the market interpreted it as yet another link between Musk's humour and Dogecoin.

While DOGE remains more than 80% below its 2021 peak, Musk's continued support has kept it relevant, often sparking price rallies following his tweets and public remarks.