Elon Musk’s X post about the 'Department of Government Efficiency' led to a 5% increase in Dogecoin’s price, coinciding with Donald Trump’s address at The Economic Club and his criticism of Harris’s tax policies.
DOGE Price Surges 5% Following Musk's Post
On September 7, Elon Musk shared a photo of himself wearing the nameplate "DOGE." "Department of Government Efficiency." was the caption that accompanied the image.
This comes after Elon Musk, CEO of Tesla, accepted Trump's offer of a cabinet position in the event that the Republicans take the White House.
Elon Musk will serve as the head of the Government Efficiency Commission, according to CoinGape Media's reporting, which was verified by Donald Trump at the Economic Club. This latest piece has contributed to the ongoing presidential campaigns in terms of conversation.
Trump Slams Harris's Tax Plan in New York Speech
X CEO Linda Yaccarino responded to Musk's comments. The post's timing is significant since it follows Republican Donald Trump's recent speech to New York's The Economic Club, in which Trump criticized Harris's tax policy.
The Republican attacked Harris, saying that her tax plans would "kill the economy" while speaking at The Economic Club of New York. Just so you know, Harris wanted to undo Trump's tax cuts and raise taxes to a record high of $5 trillion countrywide, which Coingape shares.
Trump Compares Harris's Policies to China
An even more astounding claim made by the Republican was that this would be the biggest increase ever for small firms. The former president of the United States made an impressive comparison to "communist China" while evaluating Harris's programmes.
Even though the presidential elections are still ongoing, Elon Musk remains a supporter of Republican Donald Trump. Speculation was sparked as the price of DOGE increased in parallel with the development, as indicated before.
At the time of writing, the price of dogecoin was $0.09417, up roughly 5% from its 24-hour low of $0.08947. Intraday, the coin reached a high of $0.09777.
Dogecoin Price Jumps 5% After Musk’s Post
Worth mentioning is that Dogecoin's futures OI reached $443.17 million, an increase of 0.59% on the 4-hour chart and 0.14% on the 1-hour time frame. The token has gained a lot of attention due to the small rise and Musk's post.
As Elon Musk assumes a government post with DOGE, crypto market analysts wonder if Trump's victory could cause Dogecoin to surge.