Elon Musk confirmed DOGE as a cabinet role if Donald Trump wins the presidential election. Dogecoin’s price surges over 5%.
Following Elon Musk’s statement about his excitement to audit U.S. Federal Agencies under Donald Trump, a notable post on X from the entrepreneur gained nationwide attention on Saturday.
The Tesla and SpaceX CEO confirmed the name “DOGE,” short for the Department of Government Efficiency, solidifying his plans to join Trump’s advisory team if the Republican wins the 2024 U.S. presidential election.
Meanwhile, Dogecoin, a meme cryptocurrency often influenced by Musk’s actions, experienced a rise after reaching a 24-hour low, sparking conversation.
Elon Musk Reaffirms DOGE Post Under Trump
In a surprising twist, Musk posted a picture of himself on September 7 with a nameplate reading “DOGE,” with the caption “Department of Government Efficiency.”
This comes after Musk accepted Trump’s offer for a cabinet role should he win the election.
CoinGape Media reported that Trump confirmed at the Economic Club that Musk would head a Government Efficiency Commission.
The post has fueled more discussion amidst the presidential campaign.
X CEO Linda Yaccarino responded to Musk’s post shortly after Trump’s speech at the Economic Club of New York, where he criticized Kamala Harris’ taxation policies.
Donald Trump Criticizes Harris on Taxation
Speaking at the Economic Club of New York, Trump criticized Harris for “killing the economy” with her tax proposals.
Harris aims to reverse Trump’s tax cuts and implement a $5 trillion tax cap, the highest in U.S. history, which Trump claims would severely impact small businesses.
Trump compared Harris’ plans to “communist China,” further intensifying the debate over her policies.
Despite this, Musk remains supportive of Trump during the ongoing election campaign.
As mentioned, the DOGE price surged in response to Musk’s post, fueling further speculation.
Dogecoin Sees Price Gains
Dogecoin’s value climbed nearly 5% after reaching a 24-hour low of $0.08947, trading at $0.09417 at the time of writing. The coin’s highest price during the day was $0.09777.
Dogecoin’s futures open interest (OI) increased by 0.59% on the 4-hour chart, and 0.14% over the 1-hour chart, reaching $443.17 million.
The correlation between Musk’s post and Dogecoin’s price movement has drawn considerable attention.
Some market analysts speculate that a Trump win could lead to a rally in Dogecoin, especially with Musk holding a government position labeled “DOGE.”
Polymarket data shows that Trump’s odds of winning are 51%, and Harris’s are 48%.
