Dogecoin Price Soars 6% As Elon Musk Reacts To Trump Cabinet Offer

The dog-themed meme token Dogecoin soared nearly 6% today as Tesla & SpaceX CEO Elon Musk reacted DOGE to Donald Trump’s offer for a cabinet role if elected. Today, the American entrepreneur took to X, showcasing his readiness for the proposed offer, which he also named DOGE (Department of Government Efficiency).

This event unfolds in the aftermath of the Republican’s recent statements, which hinted at plans to tap Musk for a cabinet role. Dogecoin’s price soared nearly 6% today, fueling enthusiasm in tandem with the Tesla CEO’s comments.

Elon Musk Accepts Trump’s Offer, Names It DOGE

The American entrepreneur posted on X today, August 20, claiming, “I am willing to serve,” indicating his readiness for a cabinet role. Further, he posted a pic of himself that read D.O.G.E (Department of Government Efficiency). This statement has echoed a bustle nationwide, hinting at Musk’s potential plans to join the Republican presidential candidate should he be elected.

Meanwhile, a recent report by CoinGape Media spotlighted that Donald Trump offered the Tesla CEO a position in his cabinet or advisory team. Concerning this, another post by the American entrepreneur today stated that DOGE sounds like the “perfect name” for the potential cabinet role.

Meanwhile, DOGE’s price soared nearly 6% in tandem with Musk’s statements, sparking investor enthusiasm globally.

Dogecoin Price Soars

As of writing, DOGE price soared 6% to trade at $0.1052 on Tuesday, August 20. The meme token’s 24-hour lows and highs were recorded as $0.09871 and $0.1055, respectively.

The pumping price movement comes against the backdrop of a market uptrend, as also spotlighted by Coinglass data. Dogecoin’s futures OI jumped 9% to $514.74 million, whereas the derivatives volume surged 76% to $1.10 billion. This data further solidifies optimism on the token.

However, the 14-day RSI rested at 47 today, hinting at broader neutrality for the asset. Nevertheless, Elon Musk’s statements appear to have brought significant attention to the dog-themed meme token in light of the ongoing U.S. presidential campaigns.

Also, Donald Trump currently dominates in polls, as a recent report by CoinGape Media spotlighted. The U.S. eagerly awaits the November elections, given the Republican’s victory could initiate the abovementioned cabinet role, a potential game-changer for the country.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.