Dogecoin Price Soars 6% As Elon Musk Reacts To Trump Cabinet Offer
Release: 2024/08/20 18:44 Reading: 426
Dogecoin Rises After Elon Musk's Response to Trump's Cabinet Offer
Dogecoin, the popular meme cryptocurrency, has experienced a significant price surge of nearly 6%. This surge is attributed to the recent interactions between Elon Musk, CEO of Tesla and SpaceX, and former US President Donald Trump.
Musk's Response to Trump's Offer
Trump had previously hinted at the potential appointment of Musk to a cabinet role if elected. On August 20th, Musk took to Twitter to express his willingness to serve. Notably, he referred to the potential role as "DOGE" (Department of Government Efficiency).
Market Response
Dogecoin's price reacted positively to Musk's comments, rising to $0.1052 as of August 20th. The 24-hour trading range has been between $0.09871 (low) and $0.1055 (high).
Market Sentiment
The price increase suggests optimism among investors, reinforced by data from Coinglass. Dogecoin futures OI (Open Interest) has increased by 9% to $514.74 million, while derivatives volume has surged by 76% to $1.10 billion.
Technical Analysis
Despite the bullish sentiment, the 14-day Relative Strength Index (RSI) stands at 47, indicating neutrality for the asset. However, Musk's statements have attracted considerable attention to Dogecoin amid the ongoing US presidential election campaigns.
Trump's Position in Polls
As of now, Trump holds a strong lead in polls. The US eagerly anticipates the November elections, with the potential appointment of Musk to a cabinet role being a significant factor in shaping the country's future.
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