The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending.
A spike in transactions suggests a potential revival of user engagement and could indicate growing adoption or increased trading activity - leading to higher prices.
“There is going to be a media frenzy about Elon and how his aggressively backing Trump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win,” one trader said.
