Dogecoin soars as fans predict Elon Musk will secure ‘DOGE’ position in Trump’s White House
With Trump reclaiming the White House, tech billionaire Elon Musk will almost certainly play a key role in this upcoming administration. As the cryptocurrency market recovered from the news, one of the tokens that benefited the most was Musk’s favorite cryptocurrency, Dogecoin, which surged 24% as the Republican candidate won.
At the victory celebration in West Palm Beach, Trump spent four minutes of his 26-minute speech praising Musk, calling him a “special guy” and “new star.”
“He is a super genius. We must protect our genius. We don’t have that many people,” President-elect Trump said.
The Shiba Ina-themed memecoin – often associated with Musk – surged in the early hours of Wednesday morning, trading at $0.20, its highest level since April. It hit a price of around $0.19 on Thursday—a big jump from a year ago when Dogecoin was as low as $0.07.
Once a vocal supporter of the Republican candidate, donating more than $118 million to his campaign and appearing at many rallies wearing a “dark MAGA” hat, Musk will be one of Trump’s strongest allies.
Dogecoin enthusiasts see Trump’s victory as a big win for memecoin because it means there will be more news about Musk and his proposed Department of Government Efficiency, his acronym DOGE apparently is a nod to this coin.
Trump speak campaign that he would put Musk in charge of a proposed new DOGE division, which would have the purpose of monitoring government spending and eliminating “fraud and improper payments.” .
When asked about the department at a town hall campaign event in Pennsylvania, Musk replied, “Yeah, DOGE,” much to its surprise. surging 15%.
Dogecoin surged 157% last year after Musk threw his wealth and influence to Trump following his assassination attempt in July. In the following days Musk endorsement of Trump above XDogecoin increased by 24%.
Musk has a long history of influencing the price of Dogecoin. In May 2021, after multiple endorsements from the billionaire, including an SNL skit in which he called himself the “father,” the coin’s market capitalization reached an all-time high of 88 billion USD.
His promotion of the coin resulted in a class action lawsuit lawsuit in which he was accused of running a pump and dump scheme to increase the price of memecoin. However, the lawsuit was dropped in August.
Dogecoin is currently the eighth largest cryptocurrency with a market capitalization of over $28 billion.
