Dogecoin rises as Elon Musk influences Trump's staffing choices

In recent weeks, Dogecoin has experienced a remarkable surge in value, attributed largely to the influence of Elon Musk on Donald Trump's staffing choices. Following Trump's victory in the 2024 presidential election, Dogecoin's price jumped from $0.15 to $0.43 within a matter of days . This increase is not merely coincidental; it reflects Musk's close relationship with Trump and his involvement in shaping the administration's direction.

In the last week, Dogecoin has also significantly outpaced Bitcoin—which has itself been soaring. Once the eighth-largest cryptocurrency, the memecoin has climbed to number six, eclipsing XRP. 

This performance appears to validate investors’ prediction that a Trump win would be a boon for Doge, not least because the coin’s most visible booster—Tesla founder Elon Musk—has become an integral part of the President-elect’s inner circle after aligning himself with Republicans in July. 

Since the election, Musk has reportedly spent every day with Trump at his estate in Palm Beach, Florida. As the President-elect assembles his administration, reports suggest that Musk is weighing in on Trump’s staffing choices. 

It's not clear how the organization will operate. It could come under the Federal Advisory Committee Act, which dictates how external groups that advise the government must operate and be accountable to the public.

Dogecoin hit a one-month and one-year high over the last 24 hours with a price of $0.4359. The cryptocurrency has traded between $0.07028 and $0.4359 over the last year. The cryptocurrency has failed to return to its all-time high in recent years, with the current rally the closest the coin has been since then.

This supercharged rally has certainly been something to watch, and it's even more incredible considering little profit-taking activity has happened since the election. Shares of Tesla stock sank around 6% today in intraday trading, as investors appeared to look to take some profits ahead of what could be a consolidation phase. But if there's one thing that's well documented about crypto investors (and speculators), it's that momentum can provide meaningful tailwinds that can last a while. Thus, many investors may feel now is too early to take any bullish bets on the top meme token quite yet.

Dogecoin’s strong performance reflects optimism surrounding Trump’s pro-crypto stance and hopes for a more favorable regulatory environment. Other standout performers over the past week include Cronos (140%), Neiro (70%), Cardano (60%), and Bonk (60%).

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Sarah H

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