DOGE Price Surged by 11% Today, Topping $0.4
Release: 2024/11/19 22:23 Reading: 568
Key Points:
- DOGE price experienced a significant increase today, coinciding with Bitcoin's rise towards its previous high.
- Elon Musk's mentions of the Department of Government Efficiency (DOGE) contributed to the surge.
DOGE Price Surge
Dogecoin (DOGE) witnessed a notable price increase today, reaching $0.40. At present, it trades near $0.39, marking a 7.7% gain over the past 24 hours. DOGE's market capitalization has surpassed $57.2 billion.
Influencing Factors
DOGE's price surge aligns with Bitcoin's recent surge towards its previous all-time high, which touched $92,700. Additionally, Elon Musk's mentions of the Department of Government Efficiency have further fueled the rally.
Musk's DOGE Hammer
Musk alluded to the "DOGE hammer" in a recent post on X, referring to upcoming justice initiatives through the Department of Government Efficiency. He noted that the US is incurring significant financial losses due to fraud and that the DOGE cabinet aims to address this issue.
US Fraud Losses
A report shared by Musk estimates that US fraud losses exceed $233 billion annually. This analysis encompasses spending between 2018 and 2022 and coincides with the White House's endorsement of anti-fraud legislation. The government potentially loses between $233 billion and $521 billion to fraud each year.
DOGE Department of Government Efficiency
Musk's Department of Government Efficiency (DOGE) has established a presence on X, gaining over 1.9 million followers since its inception. The account recently highlighted the various areas where American taxpayers' funds are allocated.
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