The popular dog-themed Cryptocurrency, Dogecoin (CRYPTO: DOGE), rallied sharply on Sunday, after Senator Bernie Sanders (I-Vt.) will implicitly support the Department of Government Efficiency (DOGE) that will launch Elon Musk.
What happened: The world’s largest meme coin by market cap is up more than 9% in the last 24 hours, outpacing gains made by large-cap cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
DOGE trading volume increased 40% to $8.93 billion, making it the fifth most traded cryptocurrency in the last 24 hours.
Read also: Ethereum Rally Overshadowed by Rising Profits on Cheaper Investments: Why Are ENS and ETC Rising Today?
More Read
The rally came after veteran leftist politician Sanders shared his concerns about the Pentagon’s financial management with Musk.
The independent senator highlighted the Pentagon’s $886 billion budget and its inability to pass audits for the seventh consecutive year, agreeing with Musk’s position on wasteful government spending and his mission to solve this problem through the DOGE department.
The planned DOGE department, overseen by Musk and Vivek Ramaswamyseeks to simplify federal bureaucracy and eliminate “absurd” regulations.
price action: At the time of writing, DOGE was trading at $0.4568, up 9.27% from its price over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: 5 stocks in focus this Monday: IMPP, NIO, ZS, XPEV and CRDO
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
