Elon Musk Reignites Dogecoin Enthusiasm as DOGE briefly Surpasses XRP to Become the Seventh Largest Cryptocurrency by Market Value

Dogecoin (DOGE) saw a massive surge in value, jumping around 25.4% over the past 24 hours, briefly reaching $0.2133, according to data from CoinMarketCap.

Dogecoin (CRYPTO: DOGE) surged on Wednesday after X (NASDAQ:TWTR) owner Elon Musk mentioned the cryptocurrency in an interview with podcaster Joe Rogan.

What Happened: Dogecoin soared by 25.4% over the past 24 hours, briefly reaching $0.2133, according to data from CoinMarketCap.

The spike in price pushed Dogecoin’s market capitalization to just over $29 billion, making it the seventh-largest cryptocurrency by market value.

Musk, a vocal supporter of Dogecoin, discussed the cryptocurrency in the context of government efficiency during his interview with Rogan.

“Maybe there should be a Department of Government Efficiency, like the D.O.G.E,” Musk said jokingly.

Musk criticized the growing bureaucracy of the U.S. government, highlighting the massive number of federal agencies.

“It's like, oh my god, there's so many federal agencies, it's suffocating the country. Like, you can't breathe,” Musk said.

Musk also highlighted the massive national debt and the government spending, with interest payments on the debt now surpassing the defense budget.

“They're just spiraling towards bankruptcy, and they're taking the country with them,” Musk said, referring to the government.

Musk's comments on Dogecoin and government efficiency come as polls showed Republican presidential candidate Donald Trump emerging victorious in the U.S. election.

Musk's influence on Dogecoin is well-known, with the cryptocurrency surging following any mention by the billionaire.

Earlier in August, Musk's response to Trump's suggestion of adding Musk to his administration with an image of himself with the caption “DOGE” led to a 6% spike in Dogecoin's value.

Investors are hopeful that Musk's proposed “DOGE Department” will come to fruition with Trump's victory.

Musk's tweets and public actions have moved Dogecoin's price in the past, with a 25% surge in April 2023 following a change in Twitter's logo to Dogecoin's mascot.

Analysts say that虧Dogecoin is set for a continued upward trajectory, with crypto expert Ali Martinez predicting a “parabolic bull run” if the cryptocurrency can maintain a sustained close above $0.20.

Martinez points to a historical breakout from a multi-year descending triangle that saw Dogecoin surge by 200%.

“Could DOGE be setting up for a parabolic bull run from a multi-year technical? Closed above $0.20 for a continued bull,” Martinez said.

According to data from Intotheblock, over 35,000 new addresses are being added daily to the cryptocurrency's network.

At press time, DOGE was trading up 16.87% over the past two hours at $0.1963.