The price of the Dogecoin cryptocurrency surged nearly 20% in just one day after Donald Trump appointed Elon Musk and Vivek Ramaswamy as co-heads of the Department of Government Efficiency (D.O.G.E.), aiming to enhance government operations. This move caused Dogecoin’s price to spike by a whopping 150% since Trump’s election win, attributed to the D.O.G.E. association.
This price increase propelled Dogecoin to become the 6th highest market-cap cryptocurrency, surpassing XRP. Elon Musk elaborated on D.O.G.E.’s direction in a cryptic tweet, hinting at upcoming revelations and potential changes to expenses that could impact crucial aspects swiftly.
Source: CNBC and CoinDesk
TLDR: Dogecoin’s price surged due to Trump appointing Musk and Ramaswamy to lead D.O.G.E., making it a top cryptocurrency with potential changes in the works.
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