Dogecoin prices rose again, this time due to Elon Musk’s reaction to a possible Trump cabinet role. This surprising event shows how a tweet from Musk can shake up the crypto market. Here we look at how this unfolded and what it means for Dogecoin and other digital currencies in today’s fast-moving crypto world.
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Musk’s reaction to Trump’s cabinet offer triggers Dogecoin rally
On August 20, 2024, Dogecoin (DOGE) prices rose after Elon Musk jokingly responded to reports of a possible Trump cabinet post.
Elon Musk’s DOGE response
Musk tweeted: “I am ready to serve,” and mentioned the potential role “DOGE (Ministry of Government Efficiency).”
This clever nod to the meme cryptocurrency delighted Dogecoin fans and the crypto community.
Dogecoin’s market reaction
Musk’s comments quickly impacted Dogecoin:
- The price rose by almost 6% to $0.1052
- 24-hour trading volume increased 74.11% to $1.11 billion
- Open interest for Dogecoin futures rose 22.67% to $575.86 million
This price increase shows Musk’s continued influence on cryptocurrencies, especially Dogecoin. The meme coin continues to react strongly to Musk’s actions and words.
Read also: Can Dogecoin (DOGE) reach 20 cents by the end of August?
Trump’s stance on technology and crypto
While DOGE fans celebrated, Trump’s recent tech statements added some context. He said this about Musk:
“He’s a very smart guy. If he did it, I would definitely do it. He’s a brilliant guy.”
This possible interaction between Trump and Musk raises questions about future crypto regulation and tech leadership in government.
Impact on the coin and the crypto market
Key findings include:
- Musk’s influence on cryptocurrency: Elon Musk continues to move the markets, especially for DOGE.
- Politics meets crypto: Technology leaders in politics could reshape the adoption and rules of cryptocurrencies.
- Volatile market: The rapid price change of DOGE shows the ongoing volatility of cryptocurrencies.
- Mainstream attention: These events bring cryptocurrencies, especially DOGE, into the public spotlight.
Politics, technology and crypto will continue to intersect as the US election approaches, and Dogecoin’s rise underscores its unique market position in response to cultural events and celebrity endorsements.
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Investors should remain vigilant. The crypto market reacts to many factors beyond the traditional financial world. DOGE fans will be paying close attention to further news on Musk’s potential political role.
