Dogecoin (Cryptography: Doge) It is one of the most popular meme coins in the crypto world and often pumps digital currency directly or indirectly through social media from Tesla CEO Elon Musk. Dogecoin investors initially responded positively to the news that Donald Trump won last year’s election, especially given Musk’s close relationship with the new president.
One of the biggest changes that governments will be involved this year was the creation of an initiative called the Ministry of Government’s Efficiency. This is different from how people refer to Dogecoin, and is often called by the acronym Doge. And masks have played an important role in the project. However, the launch of Doge has not brought Dogecoin backing. Instead, the opposition occurred.
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On January 20th, as one of President Trump’s first executive orders, he announced that US digital services would be reorganized and renamed the US Doge Service.
From the start, Musk has played a major role in doges, but often drives aggressive cost-cutting initiatives. And while Doge’s goal is to cut costs, many people aren’t happy with it, to say the least. There have been protests across the country, along with people opposed to Musk and Trump’s controversial policies. The vandals are also targeting Tesla dealers and vehicles, and Tesla sales are falling sharply.
Dogecoin also doesn’t benefit from Doge’s launch. On January 19th, cryptocurrency closed trading day at around $0.36, falling 55% since. Despite his prominent role with Doge and his close relationship with Trump, it has not had a positive effect on the memecoin.
There is a lot of negativity due to Doge and its drastic cuts, but the bad news surrounding the initiative probably won’t blame all of the decline in Dogecoin’s performance this year.
Investors are concerned about the economy in light of tariffs and the potential for recession. Even Bitcoin, often considered the safest cryptocurrency to own, has fallen in value at some point in the year, falling by 18%, proving that digital currencies may not offer much security amid such uncertainty. Meme coins like Dogecoin can be even more vulnerable to sudden drops.
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