Wed Nov 13 07:45:47 UTC 2024: ## Dogecoin Soars After Trump Announces “DOGE” Department
Dogecoin, the popular meme-based cryptocurrency, surged by nearly 20% on Tuesday following President-elect Donald Trump’s announcement of a new “Department of Government Efficiency,” which he referred to as “DOGE.”
The department, set to be led by Tesla CEO Elon Musk and Vivek Ramaswamy, aims to streamline government operations by dismantling bureaucracy, reducing regulations, and cutting spending.
Dogecoin has been on a tear since the election, rising over 153% since election day, outperforming Bitcoin’s 30% gain during the same period. This surge has also propelled Dogecoin to become the sixth-largest cryptocurrency by market cap, surpassing XRP.
Experts suggest that the rise of memecoins like Dogecoin often reflects increased retail investor interest and speculative activity within the cryptocurrency space.
The “DOGE” department, initially proposed by Trump in September, has been referenced by Musk on his social media platform X as the “Department of Government Efficiency” or “D.O.G.E.” Musk, known for his support of Dogecoin, has been a driving force behind its previous price rallies, including its peak of 67 cents in May 2021.
The broader cryptocurrency market remained largely unaffected by the “DOGE” news. Bitcoin held steady around $87,000, briefly touching $90,000. Crypto stocks Coinbase and MicroStrategy, however, saw declines of 1% and 2% respectively.
First Piper 