DOGE Price Analysis for October 18: What Investors Need to Know
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The DOGE price has jumped by 9% in the past 24 hours, rising to $0.1343 as the cryptocurrency market dips by 0.5% today.
The primary reason for Dogecoin’s out-performance of the market is that the token is borrowing momentum from Donald Trump’s election campaign, which is becoming increasingly associated with perennial DOGE fan Elon Musk.
It emerged earlier this week that Musk has now donated around $75 million to the Trump campaign, with the entrepreneur previously boosting DOGE via several statements about a so-called ‘Department of Government Efficiency’ (D.O.G.E.).
And with Musk mentioning D.O.G.E. again last night during an America PAC Town Hall event, DOGE has dutifully rallied, gaining enough momentum to push it further over the weekend.
Two things are going on here, with the first being that Donald Trump has actually gone on record as saying that, if he were to win on November 5, he would hire Musk to run a “government efficiency commission.”
The second is that Musk has run with this news and begun to associate it with DOGE, starting with a September 7 tweet which introduced the name ‘Department of Government Efficiency’ for the first time.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
Musk has since repeated and doubled down on the term, even answering a question from a government employee about the department during a PAC meeting.
He explained his concept of D.O.G.E. in terms of creating incentives within government and among government employees to perform more productively.
He said, “If you had a failed
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