Following the historical victory of Donald Trump, the sentiment of the broader digital assets market has seen a variation, yet the market is expecting a change in regimes rules, and regulations for the cryptocurrency sectors.
In a recent X post, Brian Armstrong, Chief Executive Officer of Coinbase argued that Doge (Department of Government Efficiency), a new department in Trump’s administration, is a lifetime opportunity. It could help the United States in increasing economic freedom.
Brian suggested that government spending could be limited to just 10% of the gross domestic product (GDP). He observed that federal spending in the U.S. has more than doubled in recent years. As a solution, he proposed amending the Constitution to address this issue.
It is worth noting that, Elon Musk and Vivek Ganapathy Ramaswamy will be serving as the head of the Doge department, the news has primarily backed the trading prices of Dogecoin to new heights.
In the X post dated November 17, 2024, Coinbase CEO wrote that “ The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).”
Doge Department & Musk will Further Drive Dogecoin prices to sky!
As per market experts, Dogecoin is expected to show major price variation in the coming future, as the person reportedly appointed as the head of the Doge department is allegedly linked with the advisory panel of Dogecoin, it is also speculated that he could be holding some known cryptocurrencies.
It is worth noting that the centi-billionaire and Tesla owner never confirmed that he holds any cryptocurrency, but his company owns Bitcoin worth over $100 million.
When writing, Dogecoin was trading at $0.3754, with a surge of 158 percent in the past 30 days and a spike of 34 percent in the weekly time frame. The recent surge in the past week has helped DOGE market capitalization to reach new heights, until publishing it was $54.64 billion.
Dogecoin became one of the fastest growing memecoin in 2024, as it grew more than 340. 82 percent and most importantly it gave returns of 66402.21% since its mainstream debut. It is also one of the most prominent memecoin in terms of market capitalization and trading volume.
It is crucial to note that dozens of times it has been observed that trading prices of Dogecoin have seen sudden spikes and gained significant traction since its launch. In terms of trading prices Doge Killer is ranked at the top followed by Dogwifhat and others.
Since Trump’s victory the entire Dogecoin community seems to be bullish, and after a spike in prices it has been observed that thousands of early DOGE whales have sold their chunks in order to gain massive profits.
