Dogecoin, the Shiba Inu-themed cryptocurrency, has doubled in value since Donald Trump's presidential victory, rising from under 16 cents to nearly 38 cents. This surge aligns with a broader cryptocurrency boom, as Bitcoin also reached an all-time high above $93,000. Experts attribute the rise to Trump's favourable stance on digital currencies and his ambition to make the U.S. a "crypto capital" with a bitcoin 'strategic reserve.' Additionally, Elon Musk, a prominent Dogecoin advocate and Trump ally, was named head of a new “department of government efficiency” (DOGE), further fuelling support for Dogecoin as a decentralised payment alternative.
first published: Nov 14, 2024 05:59 pm
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