Wow, a really bull market.
Dogecoin (DOGE-USD), the cryptocurrency whose mascot is a super-cute dog that says things like “much wow,” has increased in value since Donald Trump won the presidential election last week. It’s hitting the afterburners now, after Trump selected Elon Musk, CEO of Tesla, as one of the heads of a new “Department of Government Efficiency,” which is not a government entity but does use the DOGE acronym.
All of this makes sense and may be humorous to anyone who spends a lot of time online. For others, here’s an explanation of what’s happening:
What is Dogecoin?
It’s a cryptocurrency, and its value fluctuates against the US dollar depending on how much people are willing to pay for it.
READ MORE: Elon Musk Is $26 Billion Wealthier After Tesla Had Its Greatest Day On The Stock Market Since 2013
At first, it was taken as a joke. However, over time, dogecoin has garnered a following of supporters who have periodically pushed its price skyward. Like other cryptocurrencies, advocates claim it may be used to purchase and sell items on the internet without a central bank or government dictating how many are in circulation.
How much has dogecoin risen?
One dogecoin (pronounced dohj-coin) was valued less than 16 cents immediately before Election Day. It has already more than doubled to approximately 41.5 cents as of midday Wednesday, according to CoinDesk.
Why is it increasing so dramatically?
Cryptocurrencies have usually risen after Trump’s election. Bitcoin, the most well-known digital currency, has reached an all-time high of $92,000 after beginning the year around $43,000.
READ MORE: Elon Musk Offers $1 Million Each Day To Encourage Swing State Voters To Sign A Petition
Excitement is building because Trump has welcomed cryptocurrency and stated that he wants the United States to be the “crypto capital of the planet” and establish a bitcoin “strategic reserve.”
What is Elon Musk’s role in all of this?
Musk has become one of Trump’s closest pals. He’s also one of the most well-known supporters of Dogecoin. In 2021, Musk performed a character on “Saturday Night Live” known as the “Dogefather.”
Musk made headlines in 2022 when he suggested that Twitter accept dogecoin as payment for subscribers.
It all came to a head Tuesday, when Trump announced the “Department of Government Efficiency,” which will work from outside the government to provide the White House with “advice and guidance” and will collaborate with the Office of Management and Budget to “drive large-scale structural reform, and create an entrepreneurial approach to government never seen before.”
Its acronym is DOGE, and it also serves as the ticker sign for dogecoin trading. Musk will lead it, with former Republican presidential candidate Vivek Ramaswamy.
READ MORE: Elon Musk Provides An Update As The Second Person Receives Neuralink Brain Implants
On April 20, 2021, dogecoin fans attempted but failed to raise the value above $1 on what they dubbed “Doge Day.”
April 20 has long been an unofficial holiday for marijuana enthusiasts, and Musk has mentioned 420 multiple times throughout his career, including a tweet in 2018 announcing that he had obtained money to take Tesla private at a price of $420 per share.
Is the Shiba Inu seen in the meme receiving special delicacies as a result of all this?
Unfortunately, no. The dog, whose real name was Kabosu, died in Japan earlier this year at the age of 18. May she get plenty of rest.
Radiant TV, offering to elevate your entertainment game! Movies, TV series, exclusive interviews, music, and more—download now on various devices, including iPhones, Androids, smart TVs, Apple TV, Fire Stick, and more.
