The cryptocurrency Dogecoin experienced a remarkable surge of 20% following the unexpected announcement by newly elected U.S. President Donald Trump regarding the establishment of the Department of Government Efficiency (DOGE). The value of the cryptocurrency reached $0.43.
CNBC writes about this.
The leadership of the newly formed department will be entrusted to Tesla CEO Elon Musk and former Republican presidential candidate, co-founder of Strive Asset Management Vivek Ramaswamy. According to Trump, their primary task will be to optimize the government system, specifically by reducing bureaucracy, minimizing regulatory pressure, and restructuring federal agencies.
Since the presidential election, the cryptocurrency has surged by 153%, significantly outpacing Bitcoin, which only increased by 30%. Currently, Dogecoin holds the 6th position among the largest cryptocurrencies by market capitalization. It’s worth noting that the previous record price of Dogecoin at $0.67 was set in May 2021, thanks to Elon Musk's active support.
Background. Earlier, Mind reported that BlackRock made record investments in Bitcoin ETFs following Trump's victory.