Popular dog-themed cryptocurrency Dogecoin DOGE/USD rallied sharply Sunday after Sen. Bernie Sanders (I-Vt.) implicitly supported Elon Musk's upcoming Department of Government Efficiency, or DOGE.
What happened: The world's largest meme coin by market capitalization leaped over 9% in the last 24 hours, surpassing gains made by blue-chip cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD.
DOGE's trading volume jumped 40% to $8.93 billion, making it the fifth-most traded cryptocurrency in the last 24 hours.
The rally came after veteran left-leaning politician Sanders shared concerns about the Pentagon's financial management with Musk.
The independent senator highlighted the Pentagon's $886 billion budget and its failure to pass audits for the seventh consecutive year, agreeing with Musk's position on wasteful government spending and his mission to fix this with the DOGE department.
The planned DOGE department, overseen by Musk and Vivek Ramaswamy, seeks to cut through the complexity of federal bureaucracy and filter out “nonsensical” regulations.
Price Action: At the time of writing, DOGE was trading at $0.4568, up 9.27% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
