Wed Nov 13 10:13:51 UTC 2024: ## Dogecoin Surges on Trump’s “DOGE” Announcement

Dogecoin, the popular meme-based cryptocurrency, experienced a significant price surge on Tuesday night following President-elect Donald Trump’s announcement of the creation of a “Department of Government Efficiency,” referred to as “DOGE” in his statement.

The department will be led by Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate, with the aim of streamlining government bureaucracy and reducing wasteful spending.

Following the announcement, Dogecoin climbed nearly 20% before settling at $0.37, marking a 153% gain since election day. The memecoin’s surge signifies a strong retail investor interest and appetite for speculation in the crypto market.

Musk, known for his social media influence on Dogecoin, has previously referred to the commission as “D.O.G.E.” and his past endorsements have played a major role in the coin’s price fluctuations.

The rest of the crypto market, however, saw a pause in its post-election rally, with Bitcoin trading flat and crypto stocks Coinbase and MicroStrategy experiencing slight declines.

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