Top line
Dogecoin on Wednesday surpassed a threshold that the cryptocurrency has not eclipsed since 2021, following President-elect Donald Trump. exploited Elon Musk, who has touted this token in recent years, to lead the new Department of Government Effectiveness.
The meme cryptocurrency has eclipsed a threshold for the first time since 2021.
Key facts
Dogecoin rose 24.6% on Tuesday to near $0.44 and about 10% on Wednesday to over $0.42 around 10:25 a.m. EST, surpassing the $0.40 mark for the first time since It reached a high of $0.44 on June 3. 2021.
Asset said On Tuesday, Musk and former Republican presidential candidate Vivek Ramaswamy will lead the new department — whose acronym shares the name of the cryptocurrency — which Trump said would “provide advice and guidance outside of government “.
On X, Musk replied to the announcement with an image of a “DOGE” logo and a Shiba Inu that appeared to reference dogecoin, which features the dog’s face.
Cryptocurrency too replied on the news with an image of Musk, a Shiba Inu and a caption that reads, “We’re going at it full throttle.”
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Large number
150%. That’s how much Dogecoin has risen since Election Day on November 5, when cryptocurrency trading ended the day just below $0.17.
Tangent
Bitcoin crossed the $90,000 threshold for the first time on Wednesday and is now trading above $91,000. The digital asset is up more than 30% since Election Day, when the cryptocurrency was trading below $70,000.
Key context
Dogecoin reached a market cap of around $70 billion in 2021, when the meme token peaked at nearly $0.70 before dropping to around $0.05. The coin’s success had a lot to do with Musk, who embraced dogecoin on social media. Dogecoin’s collapse appears to follow Musk’s appearance on “Saturday Night Live” that year, during which Musk called the coin a “hustle.” The crypto market has seen a surge since Trump’s election victory last week, with bitcoin setting several new records. Trump said he would make the United States the “crypto capital of the world,” despite previous criticism of the industry, and was supported by several crypto leaders like Cameron and Tyler Winklevoss.
Forbes Rating
Musk is the richest person in the world with a fortune valued at $308.1 billion. according to to our latest estimates. Tesla CEO first proposed creating a government efficiency agency earlier this year, and Trump said later it would create a commission led by Musk to conduct a “comprehensive financial and performance audit of the entire federal government.”