Buoyed by Donald Trump's overwhelming victory, Bitcoin rose to $90,000 in less than a week. With this new record, cryptocurrency is once again attracting investors, while a wind of optimism is blowing throughout the ecosystem.
Also read: Donald Trump’s six promises that won over the world of Crypto
The incredible rise of Dogecoin
Bitcoin is not the only cryptocurrency to benefit from the arrival of Donald Trump at the White House. Since the election of the Republican, Dogecoin is a real hit. In the space of a few days, the price of the cryptocurrency, born as a joke in 2014, increased by around 50%.
It mainly climbed almost 250% in the last 30 daysreaching the thresholds recorded in 2021 during the last peak of the bull market. From this point of view, he does better than king Bitcoin. DOGE is now trading around $0.40.
The explosion in the price of Dogecoin is mainly due to Elon Musk. A fervent supporter of Donald Trump, the Tesla boss has made a place for himself within the American government by actively participating in the elections. Trump has in fact just appointed him minister of “governmental efficiency”.
The boss of SpaceX and Tesla will head a new ministry, responsible for “ dismantle government bureaucracy, slash excessive regulations, cut wasteful spending, and restructure federal agencies “. With the help of Republican businessman Vivek Ramaswamy, Musk should visibly transpose the strategy that transformed Twitter into X to the American government. Clearly, we must expect severe budget cuts.
“Smart spending must be rewarded, but those who waste taxpayers' money cannot be allowed to continue to do so without consequence”explained Elon Musk shortly after Trump's announcement, promising “a shock wave through the system and through all those involved in waste”.
The linked destinies of Dogecoin and Elon Musk
In recent years, the fate of Dogecoin has gradually become linked to that of Elon Musk. During the last bullish phase of the market, the richest man in the world mentioned cryptocurrency several times. It even started accepting Dogecoin as payment in Tesla's online store in the United States. In the shadows, Donald Trump's sidekick even financed the development of cryptocurrency, which gradually evolved into a real project on the blockchain.
Under these conditions, it is not surprising that anything related to Elon Musk tends to boost the price of Dogecoin. In this case, the push is all the more inevitable as Musk's ministry within the future Trump government is hiding a reference to cryptocurrency. As Elon Musk pointed out on X, the ministry created by Trump is called the ” Department of Government Efficiency »… with the acronym “DOGE”. True to form, Elon Musk continues to have fun with Dogecoin, to the great delight of holders of the currency.
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