Dogecoin In Focus After Trump Nominates Elon Musk To Head 'DOGE'

Elon Musk's political capital is set to increase with the recent victory of Donald Trump. Musk, ever since November 5, has been profusely involved in the transition activities of Trump 2.0.

Musk's DOGE Department

The Tesla boss has been stationed at Donald Trump's abode, the Mar-a-Lago, devising strategies. In the most recent development in the matter, reports emerged that Trump had nominated Musk to lead the Department of Government Efficiency or colloquially, DOGE.

As per reports, Musk will handle this department with former Republican presidential aspirant and biotech entrepreneur Vivek Ramaswamy.

The Crypto Frenzy

This department, when brought into reality, would be entrusted with the task of reducing bureaucracy, cutting regulations and red tape and guardrails of any kind, apart from reducing expenditure on welfare schemes and another initiative. It would also look at reducing the size of the government and slashing the number of employees in it.

This development has supplemented the growth of the 'meme coin' Dogecoin. Ever since Trump's victory, major crypto currencies, including the likes of Bitcoin, Ethereum and Ripple, have been surging in value, with the biggest of them all, Bitcoin, reaching USD 87,143.23, leaving it within touching distance of the coveted USD 90,000 mark.

The Rise Of Dogecoin

Dogecoin rate over the past 5 days.

Apart from these major 'coins', another currency, the 'Dogecoin', has seen a surge in its value as well. Dogecoin was started as a 'joke' and is regarded as a meme coin. However, this virtual currency, which has often been endorsed or used by Elon Musk, has acquired the limelight with an increase in its demand.

Just over the past 5 days, the value of Dogecoin or DOGE, skyrocketed by 84.57 per cent or USD 0.17. The value surged even further after the recent announcement.

Dogecoin rate on November 13.

However, so far on November 13, the value of Dogecoin suffered some losses.

The value of the currency dipped by 1.49 per cent. The current value fo Dogecoin (at the time of writing) stands at USD 0.37.