Dogecoin (DOGE) Futures Surge 33% Amid Trump’s Rising Approval and Elon Musk’s Involvement

According to recent reports from COINOTAG on October 29, a significant surge in Dogecoin (DOGE) contract holdings has been observed, escalating from $850 million to approximately $1.3 billion. As of Tuesday, the coin-based contract volume experienced a notable increase of 33% since Sunday, accumulating to 8 billion DOGE, which is just under 12% shy of its all-time high of 9 billion DOGE in open contracts. This momentum can be attributed to rising sentiments surrounding former President Trump’s increasing approval ratings, alongside the rumored establishment of the “Department of Government Efficiency” (abbreviated as “D.O.G.E.”). In addition, Elon Musk’s involvement in this political initiative has further bolstered trader confidence in DOGE. Data from CoinGecko reveals that Dogecoin saw a 15% uptick in value over the past 24 hours, correlated with Musk’s recent public appearances and endorsements linked to the cryptocurrency ecosystem.