Following President-elect Trump’s announcement that Elon Musk and Vivek Ramaswamy will head the newly formed Department of Government Efficiency (DOGE), Dogecoin surged over 10%, reaching $0.3869 in early Asian trading. The cryptocurrency has gained nearly 50% in the past five days, outpacing both Bitcoin and Ethereum, according to Bloomberg data. The department's name, a clear reference to Musk’s strong support for Dogecoin, sparked renewed investor interest, further driving the meme coin’s value and boosting market sentiment around cryptocurrencies.
Dogecoin, featuring Kabosu from the viral “doge” meme, jumped over 10% to $0.3869 in early Asian trading on Wednesday, following President-elect Donald Trump’s announcement that Elon Musk and former Republican candidate Vivek Ramaswamy will head the newly formed Department of Government Efficiency (DOGE). Since Trump’s 2024 election win, the cryptocurrency has surged 145%, positioning him for a potential White House return, according to a report by the Economic Times on November 12.
Dogecoin Drives Surge as Trump Appoints Musk and Ramaswamy to Lead “DOGE” Initiative
The acronym “DOGE” pays tribute to Elon Musk’s favorite cryptocurrency, Dogecoin. In a statement, President-elect Donald Trump revealed that Musk and Vivek Ramaswamy would operate outside the government to provide strategic “advice and guidance” to the White House. They will collaborate with the Office of Management and Budget to spearhead significant structural reforms, introducing an entrepreneurial approach to government that Trump suggests will shake up existing systems.
The recent surge in Dogecoin’s value is driven by positive market sentiment and significant support from influential figures like Elon Musk. Analysts quoted by the news portal highlight that Musk’s public endorsements and tweets in favor of both Dogecoin and Trump have played a pivotal role in sparking investor interest and increasing demand for the cryptocurrency.
Trump clarified that while Elon Musk would play a key role in the new Department of Government Efficiency (DOGE), he would likely not take on a full-time position due to his other ongoing commitments.
Dogecoin Surges 145% on Musk and Trump’s Backing, Outperforming Bitcoin and Ethereum
Dogecoin’s recent surge has outpaced major cryptocurrencies like Bitcoin, which gained nearly 30%, and Ethereum, which rose about 40% in the past week. Analysts attribute Dogecoin’s rally to both positive market sentiment and strong support from high-profile figures such as Elon Musk. His public endorsements, along with backing for Trump, have significantly boosted investor interest.
Dogecoin has seen significant gains, with its recent rally outperforming major cryptocurrencies like Bitcoin and Ethereum. Its rise, along with other notable altcoins, highlights the broader bullish sentiment in the market. Cronos, Neiro, Cardano, and Pepe have all posted impressive weekly gains, with Cronos leading the pack at a remarkable 185% increase.
“It is a general tendency that when Bitcoin surges, other altcoins also surge. With this phenomenon, Dogecoin, along with other coins, has performed well. However, Dogecoin, in particular, is up by 145%, largely driven by the close association between Elon Musk and Donald Trump before and after the U.S. elections,” said Edul Patel, CEO of Mudrex.
Dogecoin and Altcoins Thrive as Trump’s Pro-Crypto Stance Gains Momentum
As Dogecoin and its altcoin counterparts continue to gain momentum, the market is closely watching how Trump’s policies will shape the future of digital currencies. If his pro-crypto stance remains strong, it could lead to further market expansion, attracting more institutional investment and driving sustained growth across the crypto ecosystem.
The long-term outlook for altcoins appear promising, with increased institutional interest and government support driving the sector toward mainstream acceptance. Stay tuned as the crypto market responds to these unfolding developments, with altcoins continuing to play an integral role in the broader digital asset space.
Stay tuned as the crypto market responds to these unfolding developments, with altcoins continuing to play an integral role in the broader digital asset space.
