The price of the largest memecoin, Dogecoin 
$0.374913 (DOGE), is rapidly increasing following comments made by Elon Musk regarding the abbreviation “D.O.G.E” and former President Donald Trump’s promise to empower Musk in government management. Open interest in Dogecoin futures contracts has reached 8 billion coins, nearing April’s peak levels. The source of this interest is attributed to Trump’s popularity and his promise to establish a “Department of Government Efficiency.”
Trump and Musk’s D.O.G.E. Initiative
In the last 24 hours, Dogecoin has risen by 15%, according to CoinGecko data. This increase was triggered by Musk attending Trump’s rally and subsequently using a Dogecoin avatar on the social media platform X.
Musk’s remarks about creating a “Department of Government Efficiency” aimed at improving government spending efficiency have generated positive sentiment in the market. Trump’s promise to appoint Musk as head of a “government efficiency commission” in the event of his reelection has further strengthened these claims.
Significant Increase in Dogecoin Futures Contracts
In recent days, DOGE futures contracts have surged by 33%, reaching 8 billion coins. When measured in stablecoins, these positions have risen from 850 million dollars to 1.3 billion dollars. The increasing open interest signals greater interest from investors in Dogecoin, reinforcing the upward price trend. This situation may lead to increased volatility in DOGE’s prices, particularly as the expiration date of the futures contracts approaches.
Market observers expect a more pronounced price increase in the memecoin if Trump wins the election and Musk’s proposed D.O.G.E. department becomes official. One active social media account, @theunipcs, noted that there could be a “parabolic rise” in DOGE’s price, suggesting that Trump’s victory might serve as a catalyst in this process. They also added that the time between Trump’s victory and potential inauguration could present trading opportunities.
