Elon Musk’s Transforms X Into A Trading And Investing Platform, With DOGE Serving As The Platform's Currency
Elon Musk is continuing his transformation of X into a multifunctional super app, modeled on Chinese like WeChat.
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Elon Musk’s Favourite Meme Coin DOGE Soars on Trump’s Inevitable Victory: But Will Dogecoin’s Run Lose Steam?
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Elon Musk's Favourite Coin DOGE Rallies Amidst Trump's Victory
Dogecoin has surged by an impressive 25%, leading current market gains in the wake of the US Presidential election and Trump's victory.
Adding fuel to this rally, Elon Musk, a longtime proponent of Dogecoin, is set to head the newly-formed Department of Government Efficiency (D.O.G.E.) in Trump's administration.
This announcement aligns with Trump's endorsement of Musk's proposal to make DOGE a foundational element, sparking optimism around the meme coin.
Musk also reported "record usage" on X (formerly known as Twitter) amidst the election, sharing data on US mobile activity—a snapshot limited to recent weeks but nonetheless significant for gauging current engagement.
DOGE to Continue its Rise Amidst D.O.G.E's Establishment?
Trump's recent announcement of D.O.G.E, a new commission inspired by Ronald Reagan's Grace Commission of the 1980s, has piqued investor interest.
While Trump has not directly referenced Dogecoin, the D.O.G.E. acronym, coined playfully by Musk, has spurred a rally in Dogecoin's price, hitting the $0.20 mark amidst a broader crypto market upswing.
Major coins like Bitcoin and Ethereum are also seeing gains, as investor optimism surges around Musk's potential leadership of D.O.G.E under Trump’s administration.
Ahead of the election results, the crypto market held steady, with predictions circulating that a Trump victory could further fuel Dogecoin’s growth.
On X, analyst Shelby noted Dogecoin's upward momentum even before Trump's win was confirmed, speculating that Musk's D.O.G.E initiative could elevate the meme coin to new significance.
Another Dogecoin enthusiast, 'Dogegod,' projected a price target of $1 should Trump secure the presidency, a sentiment echoed by many in the crypto community.
Though that number might seem a little far-fetched now.
CoinMarketCap data shows DOGE trading at $0.2028, a 11.99% jump in 24 hours, following its climb from $0.1907.
The combination of Musk's influence and Trump's support could signal further bullish potential for Dogecoin in the coming months.
What Does the Future Hold for Dogecoin?
The recent surge in trading volume underscores the significant impact of social sentiment on Dogecoin's price trajectory.
This trend may well persist, particularly if Musk's proposed D.O.G.E gains momentum.
This is especially so since Trump is fresh off the boat from his election win.
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