Elon Musk provoked a sharp rise in the Dogecoin cryptocurrency

The Dogecoinrate rose by more than 6% in a day after Elon Musk announced the launch of his own political force, America Party. According to Benzinga, the coin’s trading volume increased by 179% to $ 1.19 billion during this period, while open interest in the asset grew by more than 8%, indicating high speculative interest in the cryptocurrency.

The number of large Dogecoin transactions exceeding $ 100 thousand increased by 41% in 24 hours. At the same time, the number of active addresses in the network increased by almost 35%. This data was provided by IntoTheBlock analysts.

The rise in the price of DOGE occurred against the backdrop of Musk’s formation of a political alternative to the two-party system in the United States after President Donald Trump signed a large-scale government spending bill, which Musk sharply criticized. It is known that the businessman is a public supporter of Dogecoin, and even the newly created governmental structure Department of Government Efficiency has an acronym similar to the name of the coin.

It is worth noting that at the time of the news publication, the DOGE meme coin was trading at $ 0.1740, adding 6.3% overnight. The total amount of coins circulating on the market is $ 25.9 million, and the daily trading volume of the meme coin reached $ 1.43 million, up 271% from yesterday.