CandleFocus Dogecoin Bets Spike to $1.3B as Trump Popularity Sees DOGE Rocket 15%
2024-10-29
Author: Content Editor
Interest in Dogecoin futures has seen a significant increase, with open interest rising by 33% since Sunday and now standing at 8 billion tokens. Traders attribute this surge to Elon Musk's discussions on creating a "Department of Government Efficiency" (D.O.G.E) and Trump's promise to involve Musk in a government efficiency commission if re-elected. The increased interest in Dogecoin futures is seen as a play on Trump's popularity. Dogecoin prices have increased by 15% in the past 24 hours, and DOGE-denominated futures have risen to just 12% away from a lifetime record. The possibility of Dogecoin becoming part of Trump's administration has fueled bullish sentiments among traders.
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