TLDR:
Dogecoin climbs to sixth-largest cryptocurrency
Anticipation builds for Musk’s DOGE role
Crypto market surges under Trump administration
AUSTIN (The Thursday Times) — Dogecoin swelled by nearly thirty percent overnight to reach the $0.28 mark at the time of writing, securing its position as the sixth-largest cryptocurrency globally. Investors are speculating that an Elon Musk-headed “DOGE Department” within the Trump administration could be on the horizon. This speculation is fuelling investor excitement, as Musk has long been vocal in his support of Dogecoin. Under Trump, cryptocurrencies are seeing increased optimism due to the administration’s pro-crypto stance, a trend that may result in new initiatives supporting digital assets, especially as Trump’s close allies like Musk are known for their innovative visions for crypto.
Trump previously lambasted the Biden Administration—specifically naming former U.S. presidential candidate and incumbent vice president Kamala Harris—for their tirade against the digital assets industry as a whole:
I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Trump’s renewed push for digital currencies has already transformed the landscape. With cryptocurrency-friendly members of Congress now in power, investors are banking on fewer regulatory hurdles. The Trump administration has demonstrated a marked enthusiasm for crypto, buoyed by the belief that digital currencies can drive economic innovation. For Dogecoin, a potential Musk-driven department adds allure as it would likely focus on expanding utility and adoption, areas where Dogecoin’s growth has lagged.
Elon and Dogecoin
Crypto industry insiders see Musk’s involvement as a game-changer, expecting him to leverage his influential tech status. The “DOGE Department” is speculated to engage in creating decentralised financial services, particularly those integrating Dogecoin. Analysts also predict that Musk’s affiliation with the Trump administration could accelerate crypto’s broader acceptance and impact in the financial market.
Musk has also previously ensured that the official logo for the Department of Government Efficiency would be the Dogecoin logo:
Naturally, our official mascot will be the Doge
— Elon Musk (@elonmusk) September 9, 2024
Crypto’s Trump-era boom extends beyond Dogecoin, as Ether and other prominent coins witness substantial rises in response to expectations of crypto-friendly policies. Investors, meanwhile, are watching Dogecoin’s technical levels closely, anticipating further growth in the near term. With optimism abounding, digital currency advocates are poised for potential milestones under this administration.