We might be in the midst of a cryptocurrency boom thanks to Donald Trump's upcoming return to the White House, but all of that could be about the change.
Dogecoin is the preferred crypto of Elon Musk, and with his place at the side of Trump, he's well-placed to see it soar.
It's also more than a little convenient that he's heading up the new Department of Government Efficiency with Vivek Ramaswamy and it's nicknamed DOGE.
Dogecoin has leaped by 330% in what's being called the 'Trump Victory' trade, with Andrew Kang, founder and CEO of Mechanism Capital, explaining: "One of the most interesting ways to express a ‘Trump Victory’ trade would probably be owning DOGE (and other memes).
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Musk would be foolish to throw his coin of choice under the bus, meaning his and Ramaswamy's upcoming (December 5) address in Washington today could mean big things for the industry.
The pair have vowed to slash $2 trillion from government spending, but given Musk's tech credentials, it'll be industry to see whether he'll be waving his crypto flag next to the Stars and Stripes.
As pointed out by NewsBTC, Dogecoin leaped by 15% simply by announcing Musk's involvement with the DOGE. It continued to climb by another 120% in the following week, while a general buzz on social media led to it gaining another 10%.
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House Speaker Mike Johnson of Louisiana has confirmed that Musk and Ramaswamy are meeting with Republican congressional leaders to talk about ways to cut costs across the board. Johnson said (via CNBC): "The entrepreneurs will discuss major reform ideas to achieve regulatory rescissions, administrative reductions, and cost savings with GOP lawmakers."
With government initiatives and an endorsement from Musk as the world's richest man have pushed Dogecoin further into the general consciousness. We've already seen Bitcoin hit an all-time high, but Musk has warned of a looming 'financial crisis'.
Raoul Pal, co-founder of Real Vision Group and Global Macro Investor, has reiterated the importance of memecoins and how they attract a younger demographic: "There’s a trend, so now you’re just capturing an attention trend,” he explained. “Look, don’t judge them with your kind of financial market wealth.
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"They’re all going to get blown up; they know what they’re doing—which is attention is fleeting gambling—and I’m going to gamble how long that attention goes on for and how valuable it becomes, knowing that it’s not going to be persistent."
Dogecoin is currently trading at $0.41, although there are predictions that it could hit $5 'very easily' by 2025. Although it might seem wild to imagine Dogecoin skyrocketing by 1,082% to hit $5, we'll be keeping a close eye on where things head in the aftermath of Musk's big DOGE presentation.