Dogecoin Skyrockets 9% After Elon Musk Gets 'DOGE' Introduction At Trump Rally In New York

Dogecoin DOGE/USD is surging in Monday trading, bolstered by Elon Musk shouting out the apex meme coin.

What Happened: At Donald Trump‘s controversial rally in Madison Square Garden on Sunday, Musk was introduced as the “co-founder of the Department of Government Efficiency,” directly referencing the ticker “DOGE.”

In his remarks, he said "the department of government efficiency will fix that,” making another reference to DOGE.

Crypto trader Kaduna thinks that Musk’s emphasis on the Department of Government Efficiency will increase if Donald Trump were to win the presidency, predicting that this topic could make its way into national television discussions.

Following Musk’s remarks, chart analyst Ali Martinez projects a target of $0.175 for Dogecoin, provided its current support level remains intact.

#Dogecoin $DOGE looks like it is breaking out! Target $0.175, if the $0.139 support holds. https://t.co/DjiPDa7b6J pic.twitter.com/Q4zoYBuXQt

— Ali (@ali_charts) October 28, 2024

Also Read: Trader Shares 3-Point Strategy To Win With Meme Coins—Here’s Where Dogecoin, Shiba Inu Come In

Statistics: IntoTheBlock data shows large transaction volume increased by 4.9% and daily active addresses grew by 3.3%. Transactions greater than $100,000 are up from 316 to 385 in a single day. Exchanges netflows are down by 9%.

Coinglass data shows Dogecoin derivatives trading volume spikeing by 205%, with open interest climbing 19.8% to $1.08 billion.  

Price Action: Dogecoin is up 9.3% over the past 24 hours, trading at $0.154 at the time of writing.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• ‘Memecoin Supercycle’ Analyst Thinks 20-25 Meme ‘Cults’ Can Join Dogecoin, Shiba Inu And Reach Billion-Dollar Valuations

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