Dogecoin surged after President-elect Trump announced the new Department of Government Efficiency, or “DOGE,” headed by Elon Musk and Vivek Ramaswamy. Memecoin surged nearly 20% to $0.43 before falling back to $0.37.
Since the election, Dogecoin has increased by more than 150%, far outpacing Bitcoin's 30% gain.
It also surpassed XRP in market capitalization, becoming the sixth-largest cryptocurrency and reflecting strong retail interest in cryptocurrencies.
Elon Musk's influence on Dogecoin is well known, with his previous social media posts driving major price swings.
While Bitcoin stabilizes around $90,000, Dogecoin's surge suggests memecoins could be a unique driver in the post-election crypto rally.
Almost all other meme coins are also rising strongly. Will the rise of meme coins continue???
