Following the victory of Donald Trump in the US presidential election, who declared in July that he would be the “crypto president”, the digital currency market is growing rapidly, increasing its capitalization to $3.1 trillion. At the same time, the price of the meme cryptocurrency Dogecoin soared by 153%, and in terms of capitalization it now surpasses Ford, an automobile giant with a 121-year history that earned $176 billion last year.
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On Monday, Dogecoin’s capitalization was $53 billion, while Ford’s is $47 billion. The price of memcoin jumped especially sharply after Trump announced the creation of the Department of Government Effectiveness (DOGE) to combat bureaucracy and excessive regulation, as well as reduce excessive federal spending. This structure will be led by Tesla CEO Elon Musk, who called himself the father of Dogecoin (Dogefather), and Vivek Ramaswamy, a former Republican presidential candidate and co-founder of Strive Asset Management.
Since Election Day, Dogecoin has risen 153%, while Bitcoin has risen 30% over the same period. Dogecoin hit a high of $0.4355 on Tuesday morning, its highest since June 2021. However, the coin is still 33% below its all-time high of around $0.72, reached in May 2021. Due to its rapid growth, Dogecoin has become the sixth cryptocurrency by market capitalization, behind Bitcoin, Ethereum, Tether, Solana and Binance Coin (BNB).