The memecoin Dogecoin has increased in value after the president-elect Donald Trump‘s election victory and subsequent appointment Elon Musk to the new Ministry of Governmental Efficiency.
The cryptocurrencyfounded in 2013 and popularized in part by Musk in 2020, it has more than doubled in value since Election Day.
Musk’s influence on the cryptocurrency has been well documented, and the most recent wave began on October 15 when Musk posted on human progress. ”
DOGE aims to cut staffing levels at government agencies and expenditure as a whole. It is not known whether they have the authority to do so.
October is also the year Musk became closer to Trump’s campaign, appearing at the newly elected president’s second rally in Butler, Pennsylvania. Musk expressed support for Trump after his first assassination attempt on Butler in July.
From October 15 to October 19, the coin rose from 0.11 cents to 0.14 cents before settling until Election Day. It rose to 0.20 cents after the news that Trump was elected president. The cryptocurrency’s value has skyrocketed since November 10, reaching its highest valuation since May 2021, when Musk appeared on Saturday evening live.
He refrained from providing specific comments about the cryptocurrency on X until a post on Wednesday showed him commenting on the coin’s inflation.
“I think Dogecoin’s flat inflation, which means decreasing percentage inflation, is a feature and not a bug,” he said. He also posted a photo with a dog and the name of the new department on Tuesday evening.
pic.twitter.com/4K0ruu7UMS
— Elon Musk (@elonmusk) November 13, 2024
The tech mogul has previously been accused of manipulating the Dogecoin market. In August, Musk and Tesla won the dismissal of a federal lawsuit accusing them of manipulating the cryptocurrency and engaging in insider trading. A judge ruled that some of his statements were “ambitious and inflated, not factual and susceptible to falsification,” as Musk was accused.
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Musk said in a after on X in 2021 that he has not sold any cryptocurrency and will not do so in the future.
The technology mogul will be joined in the DOGE by former presidential candidate Vivek Ramaswamy.