Dogecoin Surges 9% as Bernie Sanders Backs Elon Musk's DOGE Initiative

Summary:

Dogecoin rallied by over 9% after Bernie Sanders supported Elon Musk's DOGE initiative.
Trading volume for DOGE surged 40% to $8.93 billion.
The rally is linked to Sanders' concerns about the Pentagon's $886 billion budget.
The proposed DOGE department aims to streamline federal regulations.
As of now, DOGE is trading at $0.4568, marking a 9.27% increase.

Popular dog-themed cryptocurrency Dogecoin (DOGE) experienced a significant rally, jumping over 9% in value on Sunday. This surge followed Sen. Bernie Sanders' implicit support for Elon Musk's proposed Department of Government Efficiency, affectionately dubbed the DOGE department.

What Happened

The world's largest meme coin, Dogecoin, outperformed other major cryptocurrencies, including Bitcoin and Ethereum, during this period. The trading volume for DOGE increased by 40%, reaching an impressive $8.93 billion, making it the fifth-most traded cryptocurrency in the last 24 hours.

The Sanders-Musk Connection

The rally was spurred by Sanders sharing concerns about the Pentagon’s financial management, highlighting its $886 billion budget and its inability to pass audits for the seventh consecutive year. He agreed with Musk on the need to address wasteful government spending through the innovative DOGE department.

The DOGE Department

This planned department, overseen by Musk and Vivek Ramaswamy, aims to simplify federal bureaucracy and eliminate “nonsensical” regulations that hinder efficiency.