Dogecoin Soars After Trump’s Election Victory

Last Updated on November 15, 2024 by SPN Editor

In a remarkable turn of events, Dogecoin (DOGE), the meme cryptocurrency often associated with Elon Musk, has experienced a significant surge in value following President-elect Donald Trump’s endorsement of Musk’s ideas for a new executive department named after the cryptocurrency.

The cryptocurrency, which started as a meme, has more than doubled in price, rising from under 16 cents to nearly 38 cents. This remarkable increase is attributed to Trump’s pro-crypto stance and his ambitious plans to make the United States a “crypto capital” with a Bitcoin strategic reserve.

Trump announced that Elon Musk, the world’s richest person according to Forbes, will lead the newly established Department of Government Efficiency, or DOGE, alongside Vivek Ramaswamy. Ramaswamy, a billionaire who ran against Trump in the Republican primary but later endorsed him, will join Musk in this initiative. Both have been staunch supporters of Trump during his reelection campaign.

“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” Musk said in a statement on Tuesday.

Musk joined Trump for a meeting with the House Republican conference in the nation’s Capitol on Wednesday. This meeting followed a significant increase in Musk’s wealth, with the Tesla and SpaceX CEO gaining $50 billion due to a rise in stock prices after Trump’s victory last week, according to Forbes. The meeting also came after Musk spent time in Palm Beach, Florida, where Trump has been assembling his second administration from his Mar-a-Lago residence.

Trump’s Vision for Dogecoin

The president-elect has provided limited details on how the new government department plans to cut potentially trillions in government spending. However, in a statement on Tuesday, Trump mentioned that the department would work to restructure government agencies, cut regulation, and eliminate waste.

“To drive this kind of drastic change,” Trump said, Musk and Ramaswamy will partner with the White House and Office of Management and Budget to achieve something Republicans have dreamed about for a long time. The president-elect added that the department would make large-scale structural reforms and introduce an entrepreneurial approach to government “never seen before.”

Trump has given Musk and Ramaswamy a deadline of July 4, 2026, the 250th anniversary of the Declaration of Independence, to reach these goals. He suggested that the initiative could result in innovation on par with The Manhattan Project, the top-secret government program responsible for developing the first atomic bombs.

“A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America,” Trump said in the statement.

Dogecoin’s Surge

Following Trump’s announcement, Dogecoin saw a significant increase in price and valuation. As of Wednesday afternoon, Dogecoin was trading at about 40 cents, according to CoinMarketCap.

Initially created in 2013 to mock other cryptocurrencies, Dogecoin has become one of the largest cryptocurrencies and is reportedly Musk’s favorite. Musk has long been a supporter of the cryptocurrency and affirmed in 2022 that he would “keep supporting Dogecoin.” In a conversation earlier this year posted to X, a social media platform he purchased two years ago, Musk confirmed he still owned “a bunch” of Dogecoin. If he still holds a significant amount of the coin, he stands to benefit financially from the boost it received following Trump’s announcement on Tuesday.

Musk has hyped up “DOGE” on X in the hours since, posting AI-generated images and memes featuring the coin’s Shiba Inu dog mascot. He also suggested he would like to sell merchandise promoting the new department and coin in a separate post.

On Wednesday afternoon, CoinMarketCap reported that Dogecoin had a market capitalization of nearly $58 billion.

Dogecoin’s recent surge following Trump’s election victory highlights the impact of political developments on the cryptocurrency market. With Trump’s pro-crypto policies and Musk’s continued support, Dogecoin is poised for further growth. However, as with all cryptocurrencies, investors should remain cautious and stay informed about market trends and potential risks.

Dogecoin’s journey from a joke to a serious contender in the cryptocurrency market is a testament to the power of community and influential endorsements. As the coin continues to evolve and adapt to new developments, its future remains bright. Whether it will reach new heights or face challenges along the way, Dogecoin’s story is far from over.