Bitcoin saw a boost recently, possibly linked to news of Donald Trump’s potential second term. Dogecoin, a popular, lighthearted cryptocurrency connected with Elon Musk and its Shiba Inu logo, also surged. According to CoinMarketCap, Dogecoin’s value jumped by up to 127.03% this week.
Musk, a vocal supporter of Dogecoin who calls it “the people’s crypto,” is set to lead the “Department of Government Efficiency” or DOGE, as part of Trump’s new administration—a nickname Musk coined as a playful reference to the cryptocurrency. This government initiative, similar to Reagan’s Grace Commission, will audit federal spending and efficiency.
Launched as a joke in 2013, Dogecoin became a serious player in the cryptocurrency world, especially after Musk endorsed it in 2021. He even named a SpaceX mission “DOGE-1 Mission to the Moon,” funded entirely by Dogecoin.
Though delayed, the project emphasized Dogecoin’s popularity. Despite Musk’s support, Dogecoin’s value dropped significantly from its peak of $0.73, which led to some frustration among investors. In 2022, a group of Dogecoin holders sued Musk, accusing him of manipulating its price, but a judge ruled his statements as “aspirational.”
Musk’s engagement with Dogecoin goes beyond social media support. He started advising the Dogecoin development team in 2019, sharing ideas and contacts but without providing financial backing to ensure their independence. Dogecoin has also gained other notable supporters.
In 2021, billionaire Mark Cuban began accepting Dogecoin for Dallas Mavericks tickets, calling it a fun entry point for new crypto users. Vitalik Buterin, co-founder of Ethereum, joined Dogecoin’s advisory board, suggesting it could adopt a proof-of-stake model similar to Ethereum’s, though developer Michi Lumin confirmed in 2022 that such a shift was not planned.
With Musk’s ongoing support and high-profile endorsements, Dogecoin continues to maintain its playful, community-focused reputation in the crypto world.
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