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2024/11
Wisunofx Market Update : Trump Appoints Musk to Lead "DOGE," Dogecoin Surges Over 8%
The announcement of the establishment of the Department of Government Efficiency (DOGE) under Trump’s administration has sparked a surge in the crypto market, particularly benefiting Dogecoin. This new initiative aims to cut bureaucracy, streamline regulations, and reduce government waste. Tesla CEO Elon Musk, known as the “Dogefather” for his influence on Dogecoin, will co-lead DOGE alongside Vivek Ramaswamy, co-founder of Strive Asset Management.
Musk’s public support for Dogecoin has frequently driven the token’s price, and his involvement in leading DOGE has boosted market confidence, propelling Dogecoin’s price up nearly 20% following the announcement. Dogecoin has now posted gains of 153% since the election, outpacing Bitcoin’s 30% rise and surpassing XRP to become the sixth-largest cryptocurrency by market capitalization.
This rally underscores the volatility and speculative nature of meme coins like Dogecoin, which often attract retail investors and reflect the appetite for high-risk investments in the crypto market.
Trump initially proposed the idea of an efficiency commission in September, with Musk later referring to it as the “Department of Government Efficiency” or “D.O.G.E.” on his social media platform, X. Known for influencing meme coins, Musk’s support fueled a Dogecoin rally in 2021, pushing its price to a peak of 67 cents in May after a series of tweets. Although he humorously called Dogecoin a “hustle” on Saturday Night Live (SNL), the token’s price plummeted shortly after.
While Dogecoin has benefited from the recent election-related optimism, the broader crypto market has seen less movement. Bitcoin, for instance, has stabilized around $87,000 after briefly touching the $90,000 mark.
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