Dogecoin value doubles as Trump announces government efficiency group DOGE

Dogecoin's value has more than doubled since Donald Trump won the presidential election, rising from under 16 cents to about 41.5 cents. This surge follows Trump's announcement of a new group called the "Department of Government Efficiency," abbreviated as DOGE. Elon Musk, a prominent supporter of Dogecoin, will co-lead this group. The initiative aims to provide advice to the White House and promote government reform. Musk's close ties to Trump and his advocacy for cryptocurrencies have fueled excitement in the market. Overall, cryptocurrencies have gained popularity since the election, with Bitcoin reaching an all-time high above $92,000. The recent developments have sparked renewed interest in Dogecoin and its potential uses.