Dogecoin the largest memecoin by market capitalization is arguably one of the highest beneficiaries of the Donald Trump surge.
The Memecoin has surged by a whopping 93.7% in the last 7 days and a staggering 122.6% in the last 14 days.
Dogecoin, a memecoin that was promoted heavily by Elon Musk in its early days has been caught in the cross-hair of the election cycle, and a proposed Department of Government Efficiency (DOGE).
The Department of Government Efficiency, a brainchild of Elon Musk looks to cut government wastage and maximize its efficiency.
The idea was floated by Elon Musk throughout the election cycle and was promoted many times on his X handle using the acronym D.O.G.E.
The crypto community reacted several times to this promotion by Elon Musk reading it as a cryptic endorsement of Dogecoin, the largest memecoin in the industry.
Elon Musk’s early involvement with Dogecoin added more credibility to their speculations.
Dogecoin has since then been on an upward swing and was one of the highest performers in the Donald Trump-induced bull run.
Donald Trump appoints Elon Musk and Vivek Ramaswamy to head DOGE
Donald Trump yesterday announced that Billionaire Elon Musk and former Republican candidate Vivek Ramaswamy would head the new Department of Government Efficiency.
Despite the name, The Department of Government Efficiency is not an actual Government agency.
Donald Trump confirmed in his announcement that Elon and Vivek will work from outside the government to offer the White House advice and guidance and will partner with the Office of Management and Budget.
Donald Trump spelled out the goals and objectives of DOGE and what he hopes to achieve with the department in his administration.
He also highlighted the role Elon and Vivek will be playing with DOGE in his administration.
“The Duo will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”. Donald Trump stated.
Dogecoin the crypto asset has benefited from all the buzz around DOGE online, especially from the cryptic endorsements from Elon Musk.
What to Know
- Dogecoin is the largest memecoin in the industry by market capitalization. The memecoin has a market cap of $55.7 billion and is the sixth largest crypto asset. Memecoins are crypto assets inspired by an internet meme or a popular figure. They usually lack real-world utility and are driven by the activities of their community.
- Dogecoin at the moment is exchanging hands for $0.3785 dropping by 7.7% in the last 24 hours.
