 |
| Trump & Musk |
Dogecoin (DOGE) has experienced a surge, positioning itself as a notable gainer amidst a fluctuating cryptocurrency market, as Bitcoin navigates the complexities of a potential "global tariff war."
As of 1:30 PM KST, Dogecoin is trading at $0.17, marking a 4.6% increase over the previous day, according to data from CoinGecko. This places Dogecoin as the second-highest gainer among altcoins in the top 20 by market capitalization, trailing only Solana (SOL), which saw a 5% rise. Over the past two weeks, Dogecoin has outperformed Solana, recording a 0.7% increase compared to Solana's 6.1% decline. Bitcoin is currently trading at $83,681.99, down 0.5% over the same period.
Dogecoin's upward trajectory is largely attributed to developments surrounding Elon Musk, a prominent figure in the Dogecoin community. Reports suggest that Musk's tenure as the head of the Department of Government Efficiency (DOGE) under the Trump administration is nearing its end.
President Trump indicated that Musk's departure is imminent, stating, "Eventually, there will be a time when Musk has to leave. Probably in a couple of months." Musk, who serves as a "special government employee," is subject to legal limitations on the number of days he can work for the government annually, necessitating his departure by late May or early June.
Trump acknowledged Musk's contributions, stating, "He can stay as long as he wants. We could appoint him to other positions, but he has many companies to run," effectively confirming the impending conclusion of Musk's government role.
During his tenure, Musk spearheaded significant workforce reductions and budget cuts within the federal government, drawing both praise and criticism. A recent Reuters/Ipsos poll indicated a mixed public perception of Musk, with 37% of Americans viewing him favorably and 57% unfavorably.
This period also saw a decline in Tesla's stock value, attributed to factors including the global tariff situation and Tesla's sales performance. Similarly, Dogecoin experienced a downturn. However, the confirmation of Musk's departure appears to have restored investor confidence.
Furthermore, the announcement that Musk's space exploration company, SpaceX, secured a substantial $5.9 billion satellite launch contract with the U.S. Department of Defense has positively impacted Dogecoin's market performance.
The surge in Dogecoin's value has also influenced other meme coins, with Shiba Inu (SHIB) and Pepe (PEPE) experiencing gains of 1.7% and 7.2%, respectively.