Dogecoin, the cryptocurrency whose mascot is a dog that exclaims "much wow", has increased in value since Donald Trump won the presidential election last week. The cryptocurrency has gained more fame, with Elon Musk of Tesla being named one of the heads of a new "Department of Government Efficiency" that has the acronym DOGE, under which Dogecoin is traded.
Initially, Dogecoin was seen as a joke, but it has amassed followers who have contributed to periodically boosting its price. Like other cryptocurrencies, its supporters argue that it could be used for online transactions without the intervention of a central bank or government in the amount of coins in circulation.
In 2021, Dogecoin unsuccessfully attempted to reach one dollar during what they called "Doge Day". April 20 has also been a significant day for Dogecoin fans, marked not only by its valuation attempts but also by Musk's references and the nickname "Dogefather" that he adopted on Saturday Night Live.
Musk has even suggested that Twitter might accept Dogecoin as a form of payment. The announcement of the Department of Government Efficiency led by Musk and Vivek Ramaswamy had an impact on Dogecoin, showing significant growth in its value.
The cryptocurrency has more than doubled its value since Trump's election and has briefly reached 43 cents. This surge occurs in a context where cryptocurrencies, in general, are experiencing an increase in value. Although Dogecoin's mascot, the Shiba Inu dog whose real name was Kabosu, passed away earlier this year at the age of 18, he has not received special treatment due to the current situation.
