Elon Musk’s “DOGE” Division Mention Boosts Dogecoin to Top of Daily Gainers: Memecoin Surges 6%

The leader of the dog cryptocurrencies, Dogecoin DOGE/USDrose sharply the following Monday Elon Musk mentioned DOGE, an acronym for the potential Department of Government Efficiency, during a podcast with Joe Rogan.

What happened: The largest meme coin by market cap is up over 6% in the last 24 hours and is at the top of the daily gainers list.

The token's trading volume increased 30% in the last 24 hours to nearly $2.8 billion, making it the fourth most traded cryptocurrency in the period when excluding stablecoins.

The recent surge reversed DOGE's downward trend over the weekend, with monthly returns rocketing to over 47% as of this writing.

See also: Peanut the Squirrel-themed meme coins rise amid outrage on social media over death of famous animal: Trump will save the squirrels, says Elon Musk

Unsurprisingly, the rally was fueled by another reference to DOGE by Musk on the famous “Joe Rogan Experience” podcast that aired on Monday.

Musk explained that the reason for creating the so-called Government Efficiency Division was to cut through the tangle of federal bureaucracy.

“So we have this huge, overwhelming federal bureaucracy that gets bigger every year, and at some point you get to the point where everything is illegal. “You can’t get anything done anymore,” he said Tesla And SpaceX CEO said.

Why it matters: Musk has been touting DOGE frequently lately from X-posts to political rallies, sparking fierce but short-lived rallies for the associated meme token.

In a previous interview with a popular media personality Tucker Carlson, musk said the efficiency department would act as a “garbage collector” for regulations that make no sense.

Price promotion: At the time of writing, Dogecoin was trading at $0.1621, up 6.48% in the last 24 hours, according to data from Benzinga Pro.

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