Dogecoin jumps 20% after Trump announces new government department
cnbc.com —
Dogecoin rose nearly 20% on Tuesday after President-elect Donald Trump announced the creation of the Department of Government Efficiency, referred to as "DOGE." This follows a significant post-election rally for the cryptocurrency, which has gained 153% since election day. Elon Musk and Vivek Ramaswamy will lead the new department, aiming to reduce government bureaucracy and regulations. Dogecoin's surge has positioned it as the sixth largest cryptocurrency by market cap, surpassing XRP. While Dogecoin gained, Bitcoin remained stable around $87,000. Other crypto stocks, like Coinbase and MicroStrategy, saw slight declines in after-hours trading.