Dogecoin surges over 10% after Trump names Musk, Ramaswamy to lead newly formed Department of Government Efficiency (DOGE)


Dogecoin surged over 10% to $0.3869 in the early Asian trading hours on Wednesday after U.S. President-elect Donald Trump said on Tuesday Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the newly created Department of Government Efficiency (DOGE).

The acronym “DOGE” is a nod to Musk’s favorite cryptocurrency, dogecoin. Trump said in a statement that Musk and Ramaswamy will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” He added that the move would shock government systems.

It’s not clear how the organization will operate. It could come under the Federal Advisory Committee Act, which dictates how external groups that advise the government must operate and be accountable to the public.

Crypto Tracker

Following the announcement, Musk posted on X: “Department of Government Efficiency. The merch will be (fire emojis).” Later he added: “Threat to democracy? Nope, threat to BUREAUCRACY!!!”

Trump had made clear that Musk would likely not hold any kind of full-time position, given his other commitments.

Although Dogecoin initially spiked 10% following the news, it remains 12% lower than its previous day’s high of $0.4355. However, since Trump’s victory in the 2024 U.S. presidential election, Dogecoin has seen an impressive 142% increase.

The recent surge of Dogecoin has outpaced major cryptocurrencies such as Bitcoin, which gained nearly 30%, and Ethereum, which rose about 40% in the past week. Analysts credit Dogecoin’s rally not only to a positive market sentiment but also to strong support from high-profile figures like Elon Musk. His endorsements and public backing of Dogecoin and Trump have significantly fueled investor interest.

“It is a general tendency that when Bitcoin surges, other altcoins also surge. With this phenomenon Doge along with other coins have also performed well. However, Doge especially is up by 145% due to Elon Musk and Donald Trump’s close association pre and post the US elections,” said Edul Patel, CEO of Mudrex.

Dogecoin’s strong performance reflects optimism surrounding Trump’s pro-crypto stance and hopes for a more favorable regulatory environment. Other standout performers over the past week include Cronos (140%), Neiro (70%), Cardano (60%), and Bonk (60%).

Despite its surge, Dogecoin still trades below its all-time high of $0.7376, achieved during its peak in 2021.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)





Source link

Share

Latest Updates

Frequently Asked Questions

Related Articles

Qwen's new Deep Research update lets you turn its reports into webpages, podcasts in seconds

Chinese e-commerce giant Alibaba’s famously prolific Qwen Team of AI model researchers and...

OpenAI Announces Browser-Based AI Agent for “Vibe Lifing”

OpenAI has announced a brand-new AI-powered web browser, dubbed ChatGPT Atlas, which is...

The foldable iPhone is reportedly delayed: Here’s what we know so far

Apple’s foldable iPhone, long rumored and eagerly awaited, could now arrive in 2027...

Access Denied

Access Denied You don't have permission to access "http://www.gadgets360.com/mobiles/features/iqoo-15-iphone-17-pro-max-price-specifications-features-comparison-9490826" on this server. Reference #18.73cfdb17.1761043668.2b597f2d https://errors.edgesuite.net/18.73cfdb17.1761043668.2b597f2d Source...
custom cakes home inspections business brokerage life counseling rehab center residences chiropractic clinic surf school merchant advisors poker room med spa facility services creative academy tea shop life coach restaurant life insurance fitness program electrician NDIS provider medical academy sabung ayam online judi bola judi bola judi bola judi bola Slot Mahjong slot mahjong Slot Mahjong judi bola sabung ayam online mahjong ways mahjong ways mahjong ways judi bola SV388 SABUNG AYAM ONLINE GA28 judi bola online sabung ayam online live casino online live casino online SV388 SV388 SV388 SV388 SV388 Mix parlay sabung ayam online SV388 SBOBET88 judi bola judi bola judi bola Reset Pola Blackjack Jadi Kasus Study Mahjong Ways Mahjong Ways Mahjong Ways Mahjong Ways sabung ayam online sabung ayam online judi bola sabung ayam online judi bola Judi Bola Sabung Ayam Online Live Casino Online Sabung Ayam Online Sabung Ayam Online Sabung Ayam Online Sabung Ayam Online Sabung Ayam Online Sabung Ayam Online sabung ayam online judi bola mahjong ways sabung ayam online judi bola mahjong ways mahjong ways sabung ayam online sv388 Sv388 judi bola judi bola judi bola JUARA303 Mahjong ways Judi Bola Judi Bola Sabung Ayam Online Live casino mahjong ways 2 sabung ayam online sabung ayam online mahjong ways mahjong ways mahjong ways SV388 SBOBET88 judi bola judi bola judi bola judi bola judi bola https://himakom.fisip.ulm.ac.id/ SABUNG AYAM ONLINE MIX PARLAY SLOT GACOR JUDI BOLA SV388 LIVE CASINO LIVE CASINO ONLINE Judi Bola Online SABUNG AYAM ONLINE JUDI BOLA ONLINE LIVE CASINO ONLINE JUDI BOLA ONLINE LIVE CASINO ONLINE LIVE CASINO ONLINE sabung ayam online Portal SV388 SBOBET88 SABUNG AYAM ONLINE JUDI BOLA ONLINE CASINO ONLINE MAHJONG WAYS 2 sabung ayam online judi bola SABUNG AYAM ONLINE JUDI BOLA ONLINE Sabung Ayam Online JUDI BOLA Sabung Ayam Online JUDI BOLA SV388, WS168 & GA28 SBOBET88 SV388, WS168 & GA28 SBOBET88 SBOBET88 CASINO ONLINE SLOT GACOR Sabung Ayam Online judi bola