Dogecoin, a cryptocurrency known for its Shiba Inu dog mascot, has experienced a significant price increase since Donald Trump’s presidential election win.
Dogecoin’s value more than doubled from less than 16 cents before election day to nearly 38 cents as of Wednesday afternoon, according to CoinDesk. The surge follows a broader trend of cryptocurrency growth, with Bitcoin reaching an all-time high above $93,000.
Experts attribute the rise in cryptocurrency value to Trump’s positive stance on digital currencies. Trump has expressed his desire for the United States to become the “crypto capital of the planet” and establish a bitcoin ‘strategic reserve.’
Adding to Dogecoin’s momentum, Elon Musk, a prominent supporter of the cryptocurrency and close ally of Trump, will lead the newly announced ‘department of government efficiency.” This department, abbreviated as DOGE, will operate outside the government, offering advice and guidance to the White House.
Musk’s history with Dogecoin includes playing a character nicknamed ‘The Dogefather’ on Saturday Night Live and suggesting Twitter adopt the cryptocurrency for subscription payments.
While Dogecoin initially gained popularity as a joke, it has garnered a dedicated following. Supporters believe cryptocurrencies like Dogecoin offer a decentralised alternative for online transactions, free from central bank or government influence.