Dogecoin has been on a tear for the past week, rising from $0.15 to $0.43 in a matter of days to mark its highest value in over three years. The Shiba Inu-themed memecoin gained 12% on Tuesday, continuing a strong upward trend since it became clear that President-elect Donald Trump would win back the White House.
Over the past week, Dogecoin has also risen significantly has overtaken Bitcoin– which itself has grown in size. Once the eighth-largest cryptocurrency, memecoin has risen to sixth, eclipsing XRP.
This performance appears to validate investors’ prediction that a Trump victory would be a boon for Doge, particularly because the coin’s most visible booster—Tesla Its founder, Elon Musk, is now an integral part of the president-elect’s inner circle after aligning with the Republicans in July.
Since the election, Musk has would have spent every day with Trump at his estate in Palm Beach, Florida. As the president-elect assembles his administration, reports suggest Musk is weighing in on Trump’s personnel choices.
Throughout his campaign, Trump floated the idea of tapping Musk to lead a new department to oversee government spending, called the Department of Government Effectiveness, or DOGE — an obvious nod to memecoin Musk’s favorite.
At various campaign rallies, Musk’s mere mention of the department (which may or may not see the light of day) sent Dogecoin surging. With Trump regaining control of the White House, there will likely be more news about Musk and his proposed government efficiency initiative, which could in turn result in more free publicity for Dogecoin.
On Monday, a Kentucky representative urged Congress to pass “at least a dozen bills to reduce government overreach” before Trump takes office in a post on from the government FTW!! » — FTW means “for victory”.
Government efficiency FTW!! https://t.co/OoTaOIy9g4
– Elon Musk (@elonmusk) November 11, 2024
Trump's victory also proved beneficial for crypto more broadly. He campaigned with pro-crypto positions, making him the industry's preferred candidate. As the elections approach, Trump has been resolutely favored on crypto prediction markets like Polymarket and Robinhood.
His victory propelled the entire crypto market higher, along with Bitcoin continue breaking records in recent days. Other Shiba Inu-themed memecoins are also seeing highs. Shiba Inu, or SHIB, is up 36% over the past seven days and Bonk is up 46%.