Dogecoin has surged by an impressive 25%, leading current market gains in the wake of the US Presidential election and Trump's victory.
Adding fuel to this rally, Elon Musk, a longtime proponent of Dogecoin, is set to head the newly-formed Department of Government Efficiency (D.O.G.E.) in Trump's administration.
This announcement aligns with Trump's endorsement of Musk's proposal to make DOGE a foundational element, sparking optimism around the meme coin.
Musk also reported "record usage" on X (formerly known as Twitter) amidst the election, sharing data on US mobile activity—a snapshot limited to recent weeks but nonetheless significant for gauging current engagement.
Trump's recent announcement of D.O.G.E, a new commission inspired by Ronald Reagan's Grace Commission of the 1980s, has piqued investor interest.
While Trump has not directly referenced Dogecoin, the D.O.G.E. acronym, coined playfully by Musk, has spurred a rally in Dogecoin's price, hitting the $0.20 mark amidst a broader crypto market upswing.
Major coins like Bitcoin and Ethereum are also seeing gains, as investor optimism surges around Musk's potential leadership of D.O.G.E under Trump’s administration.
Ahead of the election results, the crypto market held steady, with predictions circulating that a Trump victory could further fuel Dogecoin’s growth.
On X, analyst Shelby noted Dogecoin's upward momentum even before Trump's win was confirmed, speculating that Musk's D.O.G.E initiative could elevate the meme coin to new significance.
Another Dogecoin enthusiast, 'Dogegod,' projected a price target of $1 should Trump secure the presidency, a sentiment echoed by many in the crypto community.
Though that number might seem a little far-fetched now.
CoinMarketCap data shows DOGE trading at $0.2028, a 11.99% jump in 24 hours, following its climb from $0.1907.
The combination of Musk's influence and Trump's support could signal further bullish potential for Dogecoin in the coming months.
The recent surge in trading volume underscores the significant impact of social sentiment on Dogecoin's price trajectory.
This trend may well persist, particularly if Musk's proposed D.O.G.E gains momentum.
This is especially so since Trump is fresh off the boat from his election win.
Bitcoin is outpacing traditional assets like gold due to increasing adoption by individuals and institutions. With political backing and a surge in value, it’s gaining traction as a reliable store of value, alongside stablecoins for everyday transactions.
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WeatherlyAt Trump’s Pennsylvania campaign, Elon Musk was asked if he'd lead a “Department of Government Efficiency.” He replied, “Yeah, Doge,” causing Dogecoin to surge over 10% to $0.1344, sparking speculation about whether it was coincidence or a strategic move.
KikyoElon Musk backs Donald Trump for the 2024 US presidential election, promoting both Trump and Dogecoin in a recent post. As political and financial worlds collide, Musk’s push for DOGE could spark a renewed rally for the meme coin.
SanyaFormer President Trump announced that he would be invited Elon Musk to head the Government of efficiency commission
XingChiElon Musk’s appointment of the Shiba Inu dog as a mascot for the Department of Government Efficiency and his ongoing support for Dogecoin have influenced both the cryptocurrency’s market activity and legal scrutiny of his promotional activities.
Xu LinElon Musk and Tesla were cleared of allegations that they manipulated the Dogecoin market, with the lawsuit dismissed due to lack of evidence.
Huang BoUS District Judge Alvin Hellerstein said Musk’s tweets about Dogecoin were "aspirational and puffery, not factual and susceptible to being falsified."
DanteElon Musk and Tesla won a $258 billion lawsuit claiming Musk manipulated Dogecoin's price through tweets. The judge dismissed the case, ruling that Musk's statements were just "aspirational puffery" and not reliable financial advice.
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