This has come as a shocking surprise to both the political and cryptocurrency spheres, with Elon Musk and Vivek Ramaswamy joining former President Donald Trump’s newly formed Government Efficiency Team, already breaking into instant reactions throughout various sectors, including the crypto world, where the price of Dogecoin ($DOGE) surged accordingly. A long-time proponent of Dogecoin, Musk joins forces with Ramaswamy—a known pro-crypto policy stance-ite—to rapidly ignite the social media and financial markets following Musk’s release on X (formerly Twitter).
— Elon Musk (@elonmusk) November 13, 2024
The Announcement that Shook Both World
The buzz started with the post by Musk on X which reads; “Excited to join forces with Trump and Ramaswamy to bring efficiency and innovation to government operations. Let’s make things better and faster!” This now super-viral tweet racked millions of views as it went global and started trending, based on this and many are speculating over potential effects on technological and financial policies in the United States when Musk gets involved with the government.
For cryptocurrency investors, the words were a strong signal of the potential rally. Dogecoin, often named by many as Musk’s favorite digital asset, saw the price increase almost immediately with the rising market excitement. The rise in DOGE prices has been explained by crypto analysts to be influenced by Musk himself, which has caused the token’s performance throughout the years.
$DOGE Sees Immediate Gain
Dogecoin didn’t bat an eyelash upon hearing the news – meteoric responses poured in hours after Musk’s post with DOGE prices spiking 15%+ to hit new highs in recent months. Investors and traders raced to take advantage of the ‘potential profits’ to be reaped, moving trading volumes to a whole new level. For those holding DOGE, the upward move adds to a whole year of significant gains that have much to do with Musk’s vocal support.
Dogecoin Will the Surge Continue?
With a political undertone, many people are speculating that Musk will now take even more control over Dogecoin. Watch as the possibility unfolds where he may use his position to request more crypto-friendly policies or integrate digital currency into government frameworks. For holders of the $DOGE, the outlook seems bullish: this rally might not be the last as the involvement of Musk’s government unfolds.
Several analysts have updated their Dogecoin price prediction upwards. This, given the continued potential DOGE price increase, may be due to the fact that more analysts now believe that the meme coin is supposed to hold onto its rally. If Musk and Ramaswamy’s governmental roles will be associated with more embracing crypto policies from the government then according to some bulls projections then, the Meme coin is expected to hit $0.50 and potentially beyond.
What’s Next for Crypto and the Government?
The link between Trump, Musk, and Ramaswamy might redefine governmental efficiency while ushering in mainstream spotlight into cryptocurrency. That is, with Ramaswamy being a pro-crypto politician and entrepreneur, he will bestow perfectly with Musk’s innovative and tech-forward mentality. This partnership may be one of the first indications that acceptance of cryptocurrency may actually expand within the United States’s policy-making process.
With the team getting to work, crypto enthusiasts and investors want to know how much of an impact this influence by Musk will be on DOGE and the greater crypto world. Could we be entering a historical period in which digital assets such as Dogecoin receive official status and wider adoption?
The market at large and dogecoin enthusiasts will bask in the glory of this surprising political and financial alliance until now.
