Elon Musk's Dogecoin rises 20% after Trump's announcement on new 'Doge' department
The value of Dogecoin rose by almost 20 per cent after Donald Trump announced the creation of the Department of Government Efficiency, called 'Doge'
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New business in sight for Elon Musk, the entrepreneur who supports Donald Trump and who in just a few days, following the election of 'The Donald' to the White House, has seen the value of his companies increase by 26 billion dollars. In the last few hours, it was Dogecoin, the decentralised cryptocurrency for instant payments launched in 2013 by Elon Musk himself, as an alternative to the more famous Bitcoin.
The leap and the announcement on the Doge department
.The value of Dogecoin rose by almost 20 per cent, registering one of the most significant increases in the post-election period, just after the announcement on the creation of the Department of Government Efficiency, called 'Doge', by President-elect Donald Trump. This department will be run by Tesla CEO Elon Musk and Vivek Ramaswamy, founder of a biotechnology and pharmaceutical group, and will focus on reducing American bureaucracy.
On Tuesday, after the announcement, the cryptocurrency broke through the $0.40 mark for a few hours.
The expansive trend after the elections
.Since election day, the value of Dogecoin has increased by 153%, surpassing XRP and becoming the sixth largest cryptocurrency by market capitalisation.
