Dogecoin Price Soars 6%: As Caitlin Long Calls on Musk’s Budget Cuts Proposal!
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Custodia Bank CEO Caitlin Long is urging Elon Musk to take action on his big idea to cut $2 trillion from the U.S. federal budget. Musk made this proposal while speaking at a rally with Donald Trump and other speakers at Madison Square Garden in New York City. Following Musk’s announcement, Dogecoin’s (DOGE) price saw a 6% increase, sparking hope among fans that it could soon reach $1.
Musk’s Call for Budget Cuts
At the recent Trump rally, Elon Musk spoke out about government spending. He claimed that around $6.5 trillion has been wasted under President Biden and Vice President Harris. Musk urged the crowd, saying, “Your money is being wasted. We’re going to get the government off your back and out of your pocket.” His strong words resonated with many people there.
At first blush you’d think so, but entitlement spending (Social Security, Medicare, etc) is such a big % of the total that the two questions don’t actually go hand in hand. If they really do cut $2trn of the $6.5trn federal budget, that’d likely be a >50% cut in federal employees
— Caitlin Long
(@CaitlinLong_) October 28, 2024
Musk also shared his exciting plan to create a new group called the “Department of Government Efficiency,” or DOGE. This name is a playful nod to Dogecoin, the cryptocurrency that Musk supports. His announcement has drawn more attention to Dogecoin.
Supporting Musk’s views, Donald Trump stated that if he were to be elected president again, he would appoint Musk to lead the new DOGE initiative.
Caitlin Long’s Suggestions
Following these developments, Caitlin Long shared her thoughts on what the DOGE initiative should focus on. In a tweet post, she notes the need for the proposed team, which includes Musk and Howard Lutnick, to consider regulations that impact federal workers and businesses.
Caitlin Long further pointed out that “the regulatory pressures are quite frightening,” and highlighted that any cuts in government spending could pose risks for Democrats as they seek to retain the Senate majority in the upcoming 2026 elections.
Indeed they do. But the Dept of Govt Efficiency (#DOGE) would need to move fast bc the Senate math is unfavorable to the GOP in 2026. If the DOGE team really plans to do something big so it has a chance of being durable & not reversed by the next president, it’d need to be fast.
— Caitlin Long
Long also raised concerns about potential economic stagnation resulting from the proposed spending cuts. She believes the government is mistakenly assessing the impact of increased spending relative to GDP. “That’s the wrong metric, and they’ll need to explain why,” she asserted.
Dogecoin’s Price Movement
Amid these discussions, Dogecoin’s price has surged by over 6% in the last 24 hours, currently trading at $0.15. The market shows Dogecoin maintaining strong support levels while testing resistance at $0.165. If DOGE can break above this level, it may pave the way for higher price targets.
Many in the crypto community are hopeful that DOGE could reach $1 following Trump’s potential victory.
Market data indicates mixed signals in derivatives trading, with open interest declining by 9.65% and trading volume increasing by 24.2%. These changes suggest that market participants are actively repositioning themselves.
