The arrival of Donald Trump to the White House has not only been a great victory for Republicans, but there have been many other winners. Without a doubt, the name that most resonates as victorious is that of Elon Musk, who has finally achieved what he was looking for and has entered the administration as head of the Department of Government Efficiency, to manage “the dismantling of government bureaucracy.”
But he was not the only one who won with Trump’s arrival either, since the day after the results were known, the US markets, the dollar and cryptocurrencies set highs compared to recent months. And, for example, bitcoin reached new all-time highs above $75,000 after Trump’s victory, but it is not the only digital currency that is growing.
And the impact of Trump in the US affects the impact of Musk, which at the same time has an impact on his companies, and we already saw how Tesla skyrocketed on the stock market, but as we said, he is not the only one who benefited and The cryptocurrency that Musk minted in 2021, Dogecoin (DOGE) reached its highest value since October 2021, marking an increase of 86% in the last seven days and rising 152% in the last month.
What is DOGE and how it works
Dogecoin is a cryptocurrency that was created in 2013 as a joke based on the popular “Doge” meme, which features a Shiba Inu dog. Although at first it was born as a “meme”, little by little it has been growing (mainly due to the influence of Musk) and has positioned itself as one of the most prominent within the sector.
And this cryptocurrency has gained a lot of interest thanks to the support of public figuresyes, but as we said, it has been Musk who has given her wings since he has supported her in every possible way, and even has accepted it as a payment option for some of its Tesla products like the Cyberquad for kids, the Giga Texas Belt Buckle, and the Cyberwhistlewhich has been crucial for the integration of Dogecoin into the real market.
Dogecoin is based on blockchain technologysimilar to Bitcoin and other cryptocurrencies. This means that Dogecoin transactions are recorded on a public, decentralized ledger, making them secure and transparent. But its big difference is that it does not stand out for a solid technology or an underlying value, but rather for the support of these relevant actors, who promote it for their own benefit.
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