Dogecoin Continues to Rise as Elon Musk Adds Influence to Trump’s Staff Picks

On By Littum

Dogecoin is on a week-long tear, skyrocketing from $0.15 to $0.43 within days to mark its highest value in more than three years. The Shiba Inu-themed memecoin surged 12% on Tuesday, continuing a strong uptrend since it became clear that President-elect Donald Trump would regain the White House.

In the last week, Dogecoin has also significantly outperformed Bitcoin – which itself has been soaring. Once the eighth-largest cryptocurrency, the memecoin has climbed to number six, eclipsing XRP.

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

Since the election, Musk has reportedly spent every day with Trump at his estate in Palm Beach, Florida. As the president-elect assembles his administration, reports suggest Musk is weighing in on Trump’s staff choices.

Throughout his campaign, Trump floated the idea of ​​tapping Musk to run a new department to oversee government spending called the Department of Government Efficiency, or DOGE — an obvious nod to Musk’s favorite memecoin.

At various campaign rallies, Musk’s mere mention of the department (which may or may not exist) got Dogecoin abuzz. When Trump regains control of the White House, there will likely be more news about Musk and his proposed government efficiency initiative, which in turn could translate into more free publicity for Dogecoin.

On Monday, a representative from Kentucky called on Congress to pass “at least a dozen bills to reduce government overreach” before Trump takes office on X, to which Musk responded “Government Efficiency FTW!!” — FTW stands for “For the Victory.”

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

— Elon Musk (@elonmusk) November 11, 2024