Dogecoin, the largest memecoin by market capitalization, has seen a significant surge, benefiting from the recent attention surrounding Donald Trump. Over the past week, Dogecoin has risen by an impressive 93.7%, and it has surged a staggering 122.6% over the past 14 days. Initially promoted by Elon Musk, Dogecoin has recently found itself in the spotlight due to the upcoming election cycle and the proposal for a new initiative called the Department of Government Efficiency (DOGE). This idea, championed by Musk, aims to reduce government waste and maximize efficiency.
Throughout the election cycle, Musk frequently discussed this concept on his X handle, often using the acronym D.O.G.E., which many in the crypto community interpreted as a subtle endorsement of Dogecoin. Musk’s early involvement added credibility to these speculations.
As a result, Dogecoin has been on an upward trajectory and has performed exceptionally well during the Donald Trump-induced bull run. Yesterday, Trump announced that Elon Musk and former Republican candidate Vivek Ramaswamy would lead the new Department of Government Efficiency. Notably, DOGE is not an actual government agency.
In his announcement, Trump stated that Musk and Ramaswamy would provide guidance to the White House from outside the government, working in partnership with the Office of Management and Budget. Trump outlined the goals and objectives for DOGE, highlighting the roles that Musk and Ramaswamy will play 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,” Trump stated. Dogecoin has benefited greatly from the ongoing buzz surrounding DOGE, particularly due to Musk’s cryptic endorsements.
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