Dogecoin Surges 20% Following Trump's Announcement of State Efficiency Department

Forex - Dogecoin has accelerated its post-election rise following the official announcement of the establishment of the Government Efficiency Department, referenced as "DOGE" by Donald Trump.

In his statement, Trump mentioned that Tesla CEO Elon Musk and former Republican presidential candidate and Strive Asset Management co-founder Vivek Ramaswamy would lead the department. Together, they will " pave the way for my administration to eliminate the State Bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure Federal Agencies," he said.

At one point, the price of Dogecoin increased by 20%. Currently, it is up 10.79% compared to yesterday.

Since election day, Dogecoin has gained 153% in value, making it one of the biggest winners of the post-election rally, compared to Bitcoin's 30% increase during the same period. Additionally, this week it surpassed XRP to become the sixth-largest cryptocurrency by market capitalization, reaching a market value of $57.49 billion.