Dogecoin rose to trade at $0.37 and after the announcements it reached $0.43, up 20%. Already the cryptocurrency has gained 153% since election day while bitcoin during the same period has strengthened by 30%.
Dogecoin has moved into sixth place on the relative list of cryptocurrencies based on market capitalization. It belonged to the category of memecoins that are considered an indicator of retail interest. When their activity increases, it usually indicates that retail investors are participating in the market. It is recalled that Elon Musk had “advertised” Dogecoin, a fact that in 2021 “put it on the map” and had led it to $0.67, the highest level of all time.
The rise of Dogecoin
One of the strongest recent performers in crypto is Dogecoin, a token promoted by billionaire Elon Musk and a crowd favorite. The coin depicting the Shiba Inu, also known as DOGE, has doubled in value over the past five days.
Before the election, Musk suggested that he might lead a Ministry of Government Efficiency, the initials of which are an obvious reference to cryptocurrency. Trump announced a few hours ago the creation of the department to cut wasteful spending, saying Musk would co-head it. Dogecoin made a brief jump after Trump announced the creation of the department. In particular, Dogecoin surged nearly 20% before paring its gains. Until 2 a.m. Greek time, it was trading at $0.37, after reaching around $0.43. It has gained 153% since election day compared to bitcoin’s 30% rise over the same period. It also overtook XRP this week to become the sixth largest cryptocurrency by market capitalization.
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