Dogecoin Surges 89% Following Trump's Announcement

In a significant boost for the meme-based cryptocurrency Dogecoin (DOGE), prices surged by 89% after President-elect Donald Trump announced the formation of a new government body named the "Department of Government Efficiency" (D.O.G.E.).

At the time of writing, the price of Dogecoin stands at $0.4135, with a market capitalization of $398.8 million. Earlier today, Dogecoin reached an all-time high of $0.4609.

The rally followed Trump's announcement that Tesla CEO Elon Musk would be involved in the D.O.G.E. initiative, sparking enthusiasm among Dogecoin enthusiasts and crypto investors. Musk's ongoing support for Dogecoin, coupled with his new government role, has fueled public interest and triggered the latest price surge for the popular cryptocurrency.

With the backing of both Trump and Musk, many investors view this initiative as an indirect endorsement of Dogecoin, contributing to its price surge and elevating its status.