Dogecoin continues to rise as Elon Musk influences Trump’s personnel selection

by Junna Base November 12, 2024

Dogecoin has been surging for a week, shooting from $0.15 to $0.43 in just a few days, marking its highest level in more than three years. The Shiba Inu-themed memecoin gained 12% on Tuesday, continuing its strong upward trend since it became apparent that President-elect Donald Trump would retake the White House.

In the last week, Dogecoin has also significantly overtaken Bitcoin – which itself is experiencing a rapid rise. Once the eighth-largest cryptocurrency, the memecoin has climbed to sixth place, eclipsing XRP.

This performance appears to confirm investors’ prediction that a Trump victory would be a boon for Doge, not least because the coin’s most visible supporter – Tesla founder Elon Musk – has become an integral part of the president-elect’s inner circle, after allying with the Republicans in July.

Musk has reportedly spent every day with Trump at his Palm Beach, Florida, estate since the election. As the president-elect puts together his administration, reports suggest Musk is weighing in on Trump’s personnel decisions.

Throughout his campaign, Trump floated the idea of putting Musk in charge of a new department to oversee government spending, called the Department of Government Efficiency (DOGE) – an apparent reference to Musk’s favorite memecoin.

At various campaign rallies, Musk’s mere mention of the department (which may or may not be created) triggered a surge in Dogecoin. As Trump regains control of the White House, there will likely be more news about Musk and his planned initiative to improve government efficiency, which in turn could lead to more free advertising for Dogecoin.

On Monday, a representative from Kentucky called on Congress in a post — FTW stands for “for the win.”

Government efficiency FTW!! https://t.co/OoTaOIy9g4

— Elon Musk (@elonmusk) November 11, 2024