When asked if he would lead a Department of Government Efficiency under a potential Donald Trump administration, Musk responded, “Yeah, DOGE,” receiving applause from the crowd.
This interaction is not the first time Musk has had a positive impact on DOGE’s value. In March, he mentioned that Tesla might accept DOGE payments at some point, causing a double-digit boost in the token’s price. The recent price boost could be attributed to Tesla CEO Elon Musk’s interaction with DOGE during a public speech in Pennsylvania.
Dogecoin (DOGE) experienced a notable 9% price boost on October 18, reaching $0.13, making it the best-performing top 20 cryptocurrency for the day. Additionally, Tesla officially integrated DOGE as a payment option on its website in May, leading to a substantial, albeit brief, spike in the asset’s value.
Despite the recent upturn, the Relative Strength Index (RSI) is currently above the critical level of 70, suggesting that DOGE might be overbought and due for a pullback.
