The leader of dog-themed cryptocurrencies, Dogecoin DOGE/USD, surged Monday after 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 capitalization jumped over 6% in the last 24 hours, rising to the top of the daily gainers list.
The token's trading volume spiked 30% to nearly $2.8 billion in the last 24 hours, making it the fourth-most traded cryptocurrency in the period if one were to exclude stablecoins.
The latest uptick reversed DOGE's downward trend over the weekend, with monthly returns shooting past 47% as of this writing.
Unsurprisingly, the rally was powered by yet another reference to DOGE by Musk on the famous Joe Rogan Experience podcast that aired Monday.
Musk explained the rationale behind setting up the so-called government efficiency department was to cut through the tangle of federal bureaucracy.
"So we got this vast, suffocating federal bureaucracy that just gets bigger every year, and eventually you get to the point where everything’s illegal. You can’t get anything done, " the Tesla and SpaceX CEO said.
Why It Matters: Musk has been frequently touting DOGE from X posts to political rallies of late, triggering sharp but short-lived rallies for the associated meme token.
In an earlier interview with popular media personality Tucker Carlson, Musk said that the efficiency department would act as a “garbage collection” for regulations that don’t make sense.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1621, up 6.48% in the last 24 hours, according to data from Benzinga Pro.
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