Dogecoin soars 180% to three-year high after Musk's new government role

Dogecoin has surged to its highest value in over three years, rising from $0.15 to $0.42, a 180% increase, following the U.S. presidential election. The cryptocurrency gained 12% on Tuesday alone. This spike coincides with Elon Musk's nomination to lead Donald Trump's new Department of Government Efficiency, also called DOGE. Musk's involvement is expected to influence federal spending reforms. Bitcoin also saw significant gains, nearing $90,000, as investors anticipate a crypto-friendly administration under Trump. The overall crypto market is reacting positively to the election results and potential regulatory changes.