- Dogecoin has pulled a sleepy altcoin market out of its stupor, following in Bitcoin’s footsteps to post significant weekly gains.
- In particular, DOGE soared nearly 12% over the past 24 hours thanks to a collaboration between Trump and Elon Musk.
- Speaking at a rally – with Musk in attendance – Trump announced the creation of a new government division.
- This division, to be led by Musk, would have the acronym of DOGE, which is no doubt a coincidence and has nothing to do with the Tesla CEO’s love affair with Dogecoin.
Dogecoin owners might just be barking up the right tree after a week to remember for the world’s biggest meme coin. DOGE had already been on a tear through the past fortnight – but things were kicked up a notch last night.
The affectionately labelled Dogefather, Elon Musk, was once again responsible for the coin’s outburst, causing a 12% spike in price over the past 24 hours.
Why, you ask?
Because, if Trump wins, Musk is going to head his own department – and they’re gonna call it DOGE.
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The Department of Governmental Efficiency to be Introduced Upon Trump Win
Elon Musk is one of Dogecoin’s biggest fans. The owner of Tesla and SpaceX has regularly made tweets complimentary of the meme coin, becoming an unofficial ambassador for the project.
You can even buy a luxury Tesla with DOGE.
The relationship between Musk and Dogecoin was not lost on the Republican presidential candidate Donald Trump, who introduced Elon at one of his rallies and even promised him a position in government.
In what may be a joke but also may not be a joke, Trump publicly announced that Musk would run a department coincidentally called the Department of Governmental Efficiency, or DOGE.
Okay, sure. Maybe this isn’t a coincidence.
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Regardless of how serious Trump was about his offer to Musk, the crypto market took it seriously.
Dogecoin went flying on the news, with investors piling onto the meme coin and bucking the broader altcoin trend.
Naturally, a meme coin titled the Department of Governmental Efficiency was almost immediately minted and has jumped 20% since creation on over US $300k volume (AU $450k).
The potential department – if it comes to fruition – will provide constant, governmental exposure to the project, giving it a sense of legitimacy…even if Dogecoin is mostly an homage to a cute, fluffy puppy.
With a Trump win a growing possibility (he is edging ahead in certain betting markets), it appears Bitcoin won’t be the only coin set to benefit from a new US president. The addition of Musk to the political fray likely means that Dogecoin could enjoy short-term gains from a Republican victory.
Related: Bitcoin ETF Adoption Speeds Ahead: All Major Institutional Types, Including Emory University, Now Invested
That said, price boosts based on hype, popularity and let’s be real – memes – aren’t really a sustainable formula.
However, proper regulatory reform and providing clarity to Web3 innovators is a recipe for success – and this is something both US political parties have promised the crypto community.
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