Current:Home > reviewsDogecoin soars after Trump's Elon Musk announcement: What to know about the cryptocurrency-LoTradeCoin
Dogecoin soars after Trump's Elon Musk announcement: What to know about the cryptocurrency
lotradecoin integration View Date:2024-12-25 12:34:52
Dogecoin, the meme cryptocurrency often associated with Elon Musk, soared in value after President-elect Donald Trump greenlit the tech billionaire's ideas for a new executive department by a similar name.
Trump announced Musk, the world's richest person according to Forbes, will lead the new Department of Government Efficiency or DOGE, alongside Vivek Ramaswamy, a billionaire who ran against Trump in the Republican primary but dropped out to endorse him. Both were adamant supporters of the former president during his reelection campaign.
"This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!" Musk said in a statement Tuesday.
Musk joined Trump for a meeting with the House Republican conference in the nation's Capitol Wednesday. That meeting came after the Tesla and SpaceX CEO got $50 billion richer due to a rise in stock prices following Trump's victory last week, according to Forbes. It also comes after he spent time in Palm Beach, Florida, where Trump has been assembling his second administration from his Mar-a-Lago residence.
More:Trump taps Elon Musk, Vivek Ramaswamy to lead new 'Department of Government Efficiency'
What is Trump's vision for DOGE?
The president elect has said little about how exactly the new government department plans to cut potentially trillions in government spending. However in a statement Tuesday, Trump said it will work to restructure government agencies as well as cut regulation and waste.
"To drive this kind of drastic change," Trump said, Musk and Ramaswamy will partner with the White House and Office of Management and Budget to achieve something Republicans have dreamed about for a long time. The president elect added the department will make large-scale structural reforms and add an entrepreneurial approach to government "never seen before."
He gave Musk and Ramaswamy a deadline of July, 4, 2026, the 250th anniversary of the Declaration of Independence, to reach these goals. Trump suggested the initiative could result in innovation on par with The Manhattan Project, the top-secret government program responsible for developing the first atomic bombs.
"A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America," Trump said in the statement.
What is Dogecoin and how is it related to DOGE?
Dogecoin increased in price and valuation in the day since Trump's announcement and was trading at about 40 cents as of Wednesday afternoon, according to CoinMarketCap.
The meme coin was initially created in 2013 to mock other cryptocurrencies but became one of the largest and reportedly Musk's favorite.
Musk has long been a supporter of the cryptocurrency and affirmed in 2022 that he will "keep supporting Dogecoin." In a conversation earlier this year posted to X, a social media platform he purchased two years ago, Musk confirmed he still owned "a bunch" of Dogecoin. If he still holds a lot of the coin, he is poised to benefit monetarily from the boost it received following Trump's announcement Tuesday.
Musk has hyped up "DOGE" on X in the hours since, posting AI-generated images and memes including the coin's Shiba Inu dog mascot.
Musk also suggested he would like to sell merchandise promoting the new department and coin in a separate post.
On Wednesday afternoon, CoinMarketCap reported Dogecoin had a market capitalization of nearly $58 billion.
Reach Rachel Barber at [email protected] and follow her on X @rachelbarber_
veryGood! (1)
Related
- Albertsons gives up on Kroger merger and sues the grocery chain for failing to secure deal
- Police arrest a third person in connection with killings of pregnant woman, boyfriend in Texas
- Raptors' Darko Rajaković goes on epic postgame rant, gets ringing endorsement from Drake
- Sinéad O'Connor died of natural causes, coroner says
- This house from 'Home Alone' is for sale. No, not that one.
- Nick Saban retiring after 2023 season. 226 weeks show dominance as Alabama coach
- How Jennifer Lopez Poked Fun at Her Past Marriages in Latest Music Video
- What to expect in the Iowa caucuses | AP Election Brief
- One Tech Tip: How to protect your communications through encryption
- Bills fan killed outside Dolphins' Hard Rock Stadium after last weekend's game, police say
Ranking
- Lil Durk suspected of funding a 2022 murder as he seeks jail release in separate case
- Former Delaware officer asks court to reverse convictions for lying to investigators after shooting
- The Puffer Trend Beyond the Jackets— Pants, Bucket Hats, and Belt Bags From Lululemon and More
- Alabama can carry out nation's first execution using nitrogen gas, federal judge says
- Michael Bublé Details Heartwarming Moment With Taylor Swift’s Parents at Eras Tour
- Jennifer Lopez is sexy and self-deprecating as a bride in new 'Can’t Get Enough' video
- Powerful storms bring heavy snow, rain, tornadoes, flooding to much of U.S., leave several dead
- See how every college football coach in US LBM Coaches Poll voted in final Top 25 rankings
Recommendation
-
I loved to hate pop music, until Chappell Roan dragged me back
-
Small-town Nebraska voters remove school board member who tried to pull books from libraries
-
The Coquette Aesthetic Isn't Bow-ing Out Anytime Soon, Here's How to Wear It
-
Lloyd Austin didn’t want to share his prostate cancer struggle. Many men feel similarly.
-
What Americans think about Hegseth, Gabbard and key Trump Cabinet picks AP
-
Biden’s education chief to talk with Dartmouth students about Islamophobia, antisemitism
-
As prison populations rise, states face a stubborn staffing crisis
-
RHOBH's Kyle Richards Reveals Plans to Leave Hollywood
Tags
-
lotradecoin versus ftx comparison
lotradecoin automated trading strategies
lotradecoin regulatory compliance overview
lotradecoin access
lotradecoin NFT marketplace features
lotradecoin educational resources for traders
lotradecoin returns
lotradecoin functionality
lotradecoin automated trading strategies