Musk to lead… DOGE? Dogecoin soars after Trump announcement
Token promoted by billionaire Elon Musk and a favorite among the meme community is one of the best-performing assets in the crypto market recently
InfoMoney Team
11/13/2024 11:49 AM • Updated 2 months ago

Dogecoin soared on Tuesday night (12), extending its post-election rally after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, which he referred to as “DOGE” in his statement. Dogecoin rose almost 20% before reducing its gains.
The token promoted by billionaire Elon Musk and a favorite among the meme community is one of the best-performing assets in the crypto market recently. The Shiba Inu-themed coin, also known as DOGE, rose about 80% in the last five days.
Before the election, Musk suggested he might lead a Department of Government Efficiency, whose initials are an apparent reference to cryptocurrency.
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Tesla CEO and Vivek Ramaswamy, a former Republican presidential candidate and co-founder of Strive Asset Management, will lead the department, Trump said in a statement.
According to the president-elect, they will “pave the way for my administration to dismantle government bureaucracy, reduce excessive regulations, cut wasteful spending and restructure federal agencies.”