Featured Image Credit: Andrew Harnik / Staff / Chesnot / Contributor / Getty
Dramatic changes have ensued following Donald Trump's election victory in early November, and it looks like another cryptocurrency is set to benefit.
Trump and the Republican Party's victory has been beneficial for many of the richest individuals in America, and while infamous hacking group Anonymous has claimed that the numbers 'don't add up', it's not affected certain market value increases.
Elon Musk has been a particularly keen recipient of Trump's victory, having further cemented his status as the richest man on Earth following a $26bn boost post-election, and his new position within US government has seen one former 'meme coin' benefit greatly.
Claims from Musk that Bitcoin could help tackle America's 'unsustainable' $35 trillion debt have seen the leading cryptocurrency soar beyond $89,000, but the appointment of the Tesla, X, and SpaceX owner as head of the new 'Department of Government Efficiency' (DOGE) alongside Vivek Ramaswamy has had further effects on the market.
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Due to its connotations with the new government agency's name, Dogecoin - which was once considered a 'memecoin' created to poke fun as the concept of cryptocurrency - has surged in value beyond 106%.
The cryptocurrency, featuring a design of a famous Shiba Inu dog that initially went viral in 2010, has risen in value by 106% in the past seven days according to CoinMarketCap.
While it pales in comparison to the current $91,000+ value of Bitcoin, Dogecoin has risen to become the 6th most valuable cryptocurrency on the market right now with a price-per-coin of around $0.3985.
Dogecoin has experienced an overall boost of 253% in the past month, and 441% in the past year - both of which are primarily down to Trump's victory and his subsequent post-election focus on cryptocurrency.
— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024
Neither Musk nor Ramaswamy have shied away from linking their new governmental roles to Dogecoin and the 'Doge' meme, with both posting AI-generated images themed around the new department and featuring Shiba Inu dogs.
Furthermore, alongside pledging $2 trillion in cuts as part of DOGE, Musk also posted on X that "the merch will be [fire emojis]."
Musk appears to strongly believe in the viability of Dogecoin as part of the US economy, arguing: "I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug."
That certainly implies that the former 'meme coin' isn't going anywhere any time soon, and it's likely to continue to surge as further focus is put on the DOGE and cryptocurrency as a whole.
