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- Elon Musk’s role in the new Department of Government Efficiency fuels speculation about Dogecoin’s growing influence.
- Dogecoin rallies post-election, driven by Musk’s support and growing retail investor enthusiasm for meme coins.
Elon Musk’s favorite memecoin, Dogecoin (DOGE), has once again seized the spotlight with an incredible 180% increase post-election, according to a popular TradingView analyst.
With Bitcoin’s (BTC) 30% increase over the same period outpacing other symbols of speculative optimism, DOGE has been a topic of debate on whether it might perhaps hit the $1 level.
Originally a joke in 2013, Dogecoin has developed into a $60 billion asset, with roughly 2% of the whole crypto market cap. Retail traders love it because of its Shiba Inu-themed appeal and cost relative to Bitcoin’s soaring $90,000 price tag.
As of writing, the DOGE price, which reflects an 86.99% increase over the last 7 days despite a small pullback, swapped hands at about $0.3694 as the meme-loving community keeps embracing it.
Musk’s Influence and Trump’s New Role for DOGE
The explosive development of Dogecoin is mostly driven by the loud support of Elon Musk. Further confirming his impact on its course, the Tesla CEO promised in 2022 to “support Doge wherever possible.” DOGE is currently a cultural phenomenon rather than only a crypto because of his special capacity to motivate regular investors.
The latest declaration made by President-elect Donald Trump just heightens the mystery. Along with Republican candidate Vivek Ramaswamy, Trump disclosed intentions to name Musk head of a recently established Department of Government Efficiency (DOGE), as we previously reported.
Based on Trump’s remarks on Truth Social, the department’s goals are to simplify federal agencies, reduce administrative waste, and boost government openness. On X, Musk reflected similar ideas, pledging to share all departmental acts publicly and involve the public in choices on government expenditure.
These advancements have spurred conjecture that Dogecoin might be part of Musk’s government efficiency strategy. Many crypto aficionados see this as a possible trigger for DOGE to reach the sought-after $1 mark, therefore raising its market cap to $130 billion.
