Usman Salis
Dogecoin (DOGE) saw a major price surge, doubling in value following Donald Trump’s return to the White House, creating hundreds of new crypto millionaires.
Dogecoin Rises Dramatically Following US Election
The popular meme-based cryptocurrency Dogecoin (DOGE), created as a joke, is making headlines again. Dogecoin’s value skyrocketed shortly after Donald Trump’s election victory, fueled by optimistic speculation over a more crypto-friendly administration. Elon Musk’s influence over the market and his social media presence continue to play a crucial role in DOGE’s recent surge.
Dogecoin was created by software engineers Billy Markus and Jackson Palmer in 2013 as a lighthearted take on the cryptocurrency space. The coin’s logo, a Shiba Inu dog named Kabosu, brought humor to the industry and quickly garnered a loyal following. With a typeface inspired by Comic Sans and a manifesto aimed at making people smile, Elon Musk endorsed Dogecoin, whose support remains a strong driver of DOGE’s popularity.
How Much Has Dogecoin (DOGE) Increased?
DOGE’s recent performance has been impressive. Previously trading between $0.10 and $0.15, Dogecoin has seen multiple surges tied to Elon Musk’s influence, such as his 2021 tweet about Tesla accepting cryptocurrency. The coin reached an all-time high of $0.74 in 2021 before stabilizing.
On November 5, 2024, Dogecoin’s price was $0.19, but it rose to $0.21 the next day and surged to $0.43 by Tuesday as Trump’s win became evident. This rally boosted DOGE’s market cap to over $56 billion, making it the sixth-largest cryptocurrency, surpassing notable assets like USDC and XRP.
The significant increase in Dogecoin’s price has led to a new wave of crypto millionaires. According to Finbold Research and BitInfoCharts data, the number of wallets holding over $1 million in DOGE increased by more than 40% from late September to early November. This surge brought the total of Dogecoin millionaires to 1,417, with 408 new accounts reaching millionaire status. Among these, 273 wallets hold over $10 million, while 1,114 have balances between $1 million and $9.99 million.
Dogecoin and the New 'Meme' US Government Unit
Adding to the excitement is the unexpected proposal of a “Department of Government Efficiency,” or “DOGE” – a new government unit that some Dogecoin enthusiasts consider a nod to their favorite cryptocurrency. President-elect Trump announced that this department, which is intended to overhaul bureaucracy and reduce waste, will be led by businessman Vivek Ramaswamy and Elon Musk. Jordan Major, chief editor at Finbold, noted that Musk’s involvement could propel Dogecoin into even greater prominence.
Elon Musk’s role in the popularity of cryptocurrency cannot be understated. His tweets and influence have repeatedly driven DOGE’s price fluctuations, most notably during major announcements or media appearances. As Musk potentially takes on an official role within the new administration, Dogecoin enthusiasts are hopeful for continued growth.
Usman Salis
