Dogecoin is trading at $0.37 after a previous peak at $0.43.
The price of the meme cryptocurrency Dogecoin rose almost 20% on Tuesday night, November 12, after the newly elected US President Donald Trump officially announced the creation of the Department of Government Efficiency, which he called DOGE. CNBS reported it.
The department will be led by Tesla CEO Elon Musk and former Republican presidential candidate and co-founder of Strive Asset Management Vivek Ramaswamy.
Dogecoin is trading at $0.37. after reaching a high of $0.43. Since US Presidential Election Day, Dogecoin is up 153% compared to Bitcoin, which is up 30% over the same period.
Meme cryptocurrencies is seen as an indicator of retail interest and risk appetite in cryptocurrencies. If the activity in the memcoin market increases, it can be argued that retail investors are participating in it and can speculate on the future.
Dogecoin gained relevance in 2021 after a tweet from Elon Musk and hype on social networks, which contributed to the coin’s price increase. In May of the same year, Musk’s posts contributed to the growth of the Dogecoin rate to an all-time high of 67 cents. But after Musk declared Dogecoin “a scam,” its price plummeted.
Memcoin is a type of cryptocurrency inspired by internet memes, pop culture references, or humorous themes. Unlike traditional cryptocurrencies like Bitcoin, this type of asset often starts as a joke or social experiment.
Famous examples of memecoins are Dogecoin (which started as a parody of Bitcoin) and Shiba Inu.
Let us remind you that the day before the value of Bitcoin exceeded 81 thousand dollars, and then 84 thousand.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.