Dogecoin on the Rise After US Elections: A New Chapter for Crypto?

After Donald Trump's recent election victory, cryptocurrencies are experiencing a notable upswing, led by an impressive surge in the price of the meme currency Dogecoin. Since the day following the U.S. presidential elections, the Dogecoin price has risen by over 150%, surpassing all expectations within the crypto community. A decisive factor in Dogecoin's rise is Trump's announcement to establish a "Department of Government Efficiency," abbreviated to DOGE. This announcement has triggered not only humorous reactions but also substantial price gains, as famous names like Elon Musk and Vivek Ramaswamy were mentioned for the leadership of the project. Particularly Musk, who referred to himself as the "Dogefather" in 2021, has often caused fluctuations in the crypto market with his strong support for Dogecoin. Meanwhile, the market value of Dogecoin has reached a remarkable mark of 63 billion dollars, surpassing significant companies like Ford, MetLife, and Norfolk Southern. These developments are also fueling speculations about a potentially new era for cryptocurrencies, which could further benefit from Trump's announced regulatory reforms. But Dogecoin is not the only one reaching new heights; Bitcoin has also been able to benefit from the positive trend, reaching a record value of nearly 92,000 dollars. The total valuation of the crypto market has thus exceeded the impressive sum of over 3 trillion dollars, representing an increase of more than 700 billion dollars since the elections.