After Bitcoin's rise, another cryptocurrency linked with online memes saw another increase as Trump slowly revealed members of his administration.
The cryptocurrency, in question, was the popular Dogecoin, which saw a sudden spike after Trump announced the creation of a new government branch, DOGE or Department of Government Efficiency, to be led by Tesla CEO Elon Musk and Vivek Ramaswamy.
Dogecoin After DOGE Announcement
According to CNBC, the announcement sparked excitement in the crypto community that Dogecoin jumped nearly 20% before stabilizing. DOGE will be responsible for reducing government waste and streamlining federal operations.
Now, choosing Musk, known for his support for Dogecoin, stirred further interest. After promoting the cryptocurrency on social media, it earned him the nickname of 'Dogefather.' This led supporters to believe that his involvement with DOGE will likely include tech influence, which could keep Dogecoin in the spotlight.
Building an efficiency commission was teased by Trump in September, and with Musk by his side, it's no wonder why the richest man on earth is getting the role he's promised. Since then, Dogecoin has experienced steady gains. In fact, the recent rise made it surpass other cryptocurrencies post-election rally, with the total crypto industry surging 153% since election night.
Decrypt reported that the influence of memecoins, such as Dogecoins, is a measure of retail investor interest since it's often driven by social media hype and internet culture. This reflects the interest of the general public, therefore cementing the impact of Trump's return to the White House. However, with increased investor participation, comes a higher appetite for risk.
For now, the crypto market remains relatively calm, with Bitcoin trading at $87,000, per VCPost, just after hitting $90,000. Others saw a slight decline, with the case of Coinbase, but otherwise, the situation is still considered balanced by experts.
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