Musk-themed meme token DOGE has risen in price fivefold in 15 minutes ❗️

The Department Of Government Efficiency (DOGE) meme token dedicated to billionaire Elon Musk has risen in price more than fivefold in 15 minutes.

The cryptocurrency rate was pumped on September 30 at 04:00 Moscow time. By 04:15, the price of the digital asset had soared from $0.00316 to $0.01701, thus increasing by 438%. However, the coin's value could not hold on to its heights and fell into the abyss, falling 34 times to $0.00049 in just five minutes.

DOGE trading volume has fallen by 39% over the past 24 hours, and the time interval between the token's rise and fall was too short, so the jumps in the asset's price recorded on Monday are unlikely to be related to a deliberate dump-pump scheme for the cryptocurrency. Most likely, the upheavals occurred due to low liquidity. The meme appeared after former US President Donald Trump proposed Musk to head the non-existent Commission on Improving Government Efficiency. DOGE was chosen as the ticker of the new cryptocurrency for a reason. Elon is known for his love of the "dog" meme token Dogecoin ($DOGE ), which has a similar short name.