Over the past week, Dogecoin has also significantly surpassed Bitcoin, which itself has soared. The memecoin was once the eighth largest cryptocurrency and has risen to number six, eclipsing XRP.

This performance appears to confirm investors’ prediction that a Trump victory would be a boon for Doge, not least because the coin’s most visible booster – Tesla founder Elon Musk – has become an integral part of the inner circle of the president-elect after joining the Republicans. in July.

Since the election, Musk has reportedly spent every day with Trump at his estate in Palm Beach, Florida. As the newly elected president puts together his administration, reports suggest Musk is considering Trump’s personnel choices.

During his campaign, Trump floated the idea of ​​tapping Musk to head a new department that would oversee government spending, called the Department of Government Efficiency, or DOGE — an obvious nod to Musk’s favorite memecoin.

At several campaign rallies, Musk’s mere mention of the department (which may or may not emerge) caused Dogecoin to skyrocket. With Trump regaining control of the White House, there will likely be more news about Musk and his proposed government efficiency initiative, which in turn could translate into more free publicity for Dogecoin.

On Monday, a representative from Kentucky urged Congress to “pass at least a dozen bills to shrink the reach of government” before Trump takes office in a post on X, to which Musk replied “Government Efficiency FTW!!” – FTW stands for ‘for victory’.

Government efficiency FTW!! https://t.co/OoTaOIy9g4

— Elon Musk (@elonmusk) November 11, 2024