Since Donald Trump won the election for president, Dogecoin, a crypto known for its Shiba Inu dog symbol, has seen a substantial price increase.
Dogecoin’s worth more than doubled from less than 16 percent before election day to almost 38 percent as of Wednesday evening, according to CoinDesk. Bitcoin’s price has risen to an all-time high of$ 93, 000, which is in line with a wider pattern of crypto growth.
According to experts, Trump’s positive attitude toward digital currencies is to blame for the rise in crypto price. Trump has stated that he wants to establish a” strategic reserve” for bitcoin and that the US should become the” crypto capital of the planet.”
Adding to Dogecoin’s speed, Elon Musk, a notable supporter of the crypto and close alliance of Trump, may lead the just announced’ department of government effectiveness. ” This office, abbreviated as DOGE, may work outside the state, offering advice and guidance to the White House.
In addition to playing the character” The Dogefather” on Saturday Night Live, Musk suggested that Twitter use the crypto for subscription payments.
Dogecoin was first popular as a joke, but it quickly gained traction as a devoted user. Supporters claim that government- or main bank-free online transaction options like Dogecoin are available.
