Dogecoin’s price increased as Elon Musk announced “Department of Government Efficiency”

The price of Dogecoin increased by 10% in the last 24 hours. This could be because there is a constant discussion on Twitter regarding Musk’s bigger endorsement of the Shiba Inu coin in the future. 

Elon Musk has been actively supporting Trump in ongoing elections. He also made big donations and endorsements for the Republican candidate. He has been talking about creating the Department of Government Efficiency in different talk shows. The name itself is abbreviated as D.O.G.E.  The purpose of this department would be to make government spending more efficient.

Trump has also shared his inclination to make Musk head the “government efficiency commission” if he becomes the President for the second time.

There is a high expectation of influential traders that Trump’s victory is going to increase DOGE endorsements and bring in more interest in Dogecoin.