Dogecoin Price Rallies Over 10% As Trump Announces DOGE Department Led By Elon Musk, Vivek Ramaswamy

DOGE price initially surged on the news, it stayed around 12 per cent lower than Tuesday’s high of $0.4355.

Musk reacted on social media following announcement, humorously hinting at “DOGE merch”.

Source : ABPLIVE AI

DOGE Price Today: Dogecoin jumped over 10 per cent in early Asian markets on Wednesday, reaching $0.3869, after US President-elect Donald Trump announced a major new initiative involving Elon Musk and Vivek Ramaswamy. Trump revealed that Musk and Ramaswamy would head up the freshly established Department of Government Efficiency (DOGE), a nod to Dogecoin, Musk’s favoured cryptocurrency.

In his statement, Trump said Musk and Ramaswamy would serve in advisory roles, collaborating with the White House and the Office of Management and Budget to overhaul government operations. Describing the initiative as a push for unprecedented “structural reform” with an entrepreneurial twist, Trump suggested this would rattle traditional government systems.

DOGE Merch Incoming?

Following the announcement, Musk reacted on social media, humorously hinting at “DOGE merch” and adding that it would be more a shake-up for bureaucracy than a threat to democracy. Trump clarified Musk’s involvement would remain advisory, acknowledging his other commitments.

Department of Government Efficiency

The merch will be 🔥🔥🔥

— Elon Musk (@elonmusk) November 13, 2024

DOGE Rally

While Dogecoin initially surged on the news, it stayed around 12 per cent lower than Tuesday’s high of $0.4355. The cryptocurrency has shown notable gains since Trump’s election victory, up a staggering 142 per cent.

Dogecoin’s recent momentum surpasses that of other cryptocurrencies like Bitcoin, which climbed nearly 30 per cent, and Ethereum, which rose around 40 per cent over the past week. Analysts attribute this Dogecoin rally to Musk’s prominent support for the token and Trump’s pro-crypto stance. Mudrex CEO Edul Patel commented that Dogecoin, benefiting from the recent “altcoin surge,” has seen an impressive 145 per cent rise amid favourable sentiments from both Musk and Trump’s recent involvement.

Other cryptocurrencies like Cronos, Neiro, Cardano, and Bonk have also posted significant gains recently, though Dogecoin’s jump remains one of the most remarkable. However, the meme coin is still trading below its 2021 peak of $0.7376.

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