Dogecoin Stocks rose late Tuesday, extending a post-election surge after President-elect Donald Trump formally announced the creation of the Department of Government Effectiveness, which he dubbed “DOGE” in his announcement.
Trump said in a statement that Tesla CEO Elon Musk and former Republican presidential candidate and Strive Asset Management co-founder Vivek Ramaswamy will lead the unit. They “will pave the way for my administration to dismantle government bureaucracy, cut redundant regulations, cut wasteful spending, and reorganize federal agencies.”
Dogecoin was last up nearly 20%. It was one of the biggest winners from post-election rallies, up 153% since Election Day. Bitcoin’s It rose 30% over the same period. Also passed by in a flash Ripple this week Becoming the sixth largest cryptocurrency by market capitalization.
Dogecoin price surged after President-elect Donald Trump announced the creation of the Department of Government Effectiveness (DOGE).
Memecoin is seen as a gauge of retail interest and risk appetite in cryptocurrencies. When meme coin activity increases, it usually indicates that retail investors are participating and interested in speculating further on the risk curve.
Trump initially proposed an idea September Efficiency Commission. Since then, Musk — who has called himself a “dog dad” in the past and is known for his public comments on meme coins that influence their prices — Posted on his social media platform Xcalling the commission the “Department of Government Effectiveness,” or “DOGE.”
Dogecoin gained traction in 2021 after Musk’s endorsement and continued hype on social media, becoming a major catalyst for the currency. In May of that year, Musk’s post pushed Dogecoin to a record high of 67 cents, according to Coin Metrics. Although he appeared on “Saturday Night Live” at the time and called Dogecoin “a scam,” causing its price to plummet.
The rest of the cryptocurrency market took a pause from the post-election rally. Bitcoin is currently flat around $87,000 after briefly touching $90,000 in afternoon trading. crypto stocks Coin library and micro strategy fell 1% and 2% respectively in extended trading.
