Elon Musk is preparing to manage the ambitious DOGE department alongside Vivek Ramaswamy. As Trump gets ready to take office, his pro-cryptocurrency stance, combined with the resurgence of the dollar, has triggered many speculative scenarios. One of them is the rise of Dogecoin, and how it could reach unprecedented new highs if market forces continue to support its momentum.
Under Musk's Trump administration, can Dogecoin become as valuable as the US dollar?
In an early episode of Saturday Night Live, Musk announced that Dogecoin is as real as the US dollar, and he hopes people will call him the 'Father of Doge'. In that interview, Musk shared how Dogecoin initially emerged as a joke from an internet meme, but now it has captured the market in a very 'real' way.
Now that the Trump administration is preparing to take over the White House, the market has begun to speculate on the prospects of Dogecoin reaching new highs. For example, several connections suggest that the price of Dogecoin is about to hit new highs. Musk recently uploaded a picture on X, claiming to be the 'Father of Doge'. This picture also led to a surge in Dogecoin's price, establishing momentum for the token's use.
Secondly, the establishment of the Department of Government Efficiency (DOGE) is particularly likely to be the biggest signal in helping Doge reach new highs. It is speculated that this acronym strongly represents Musk's love for Dogecoin, which could ultimately help the token reach new heights in the long term.
Thirdly, Musk had previously promised that Tesla products might accept Dogecoin as payment. This will also provide strong support for Dogecoin, making it a true currency.
