Due to Trump’s re-election, supporters have been rejoicing. Elon Musk, a well-known Trump supporter, is using Trump’s re-election to his advantage by promoting DogeCoin, and other various cryptocurrencies. DogeCoin gained 175% in value.
Cryptocurrency is a type of online currency that has recently gained popularity. Crypto prices rise when it is in demand or purchased frequently, and prices fall when it’s no longer in demand. A popular cryptocurrency is Bitcoin–back in 2011, it only cost $30 USD for one. Today, it is worth over $89,000 USD.
DogeCoin is a type of cryptocurrency that is worth about 39 cents. It is much cheaper than Bitcoin; however, that doesn’t necessarily mean that it doesn’t matter. If you buy 10 dollars worth, it’s easy to get a lot at a time. If you get a lot and it raises to even a single dollar, you could have thousands of dollars.
On the other hand, if DogeCoin doesn’t become a big success and loses all value, it’d be possible to lose all of the money you had put in.
Musk and now Trump are endorsing DogeCoin, trying to get it to rise in value.
After Trump won, he planned to create the Department Of Government Efficiency. Not long after he had the idea of creating it, he appointed Musk and Ramaswamy as the heads of the department. This is not actually a government agency, but was made more so that if you abbreviate Department Of Government Efficiency, it spells out D.O.G.E.
Before election day, DogeCoin was at 16 cents, but after the election, it grew to 38 cents. It’s been steadily climbing ever since, due to the fact that more and more people are buying it. As more people buy the online currency, its popularity slowly begins to slither its way back to being more recognized again.
People are buying more DogeCoin because of the fear that Trump may eliminate gold from being the base of America, by using cryptocurrency. Trump has said that he wanted America to be “the crypto capital of the planet,” and that he wants to make Bitcoin a “strategic reserve.”
In total, DogeCoin’s popularity increased by 80% in the past few days. DogeCoin outperformed Bitcoin by moving from the 10th most popular cryptocurrency to the 6th, in the past week.
Finally, take our info from this article, and a piece of advice from ourselves. If you ever plan to buy DogeCoin, make sure you have the money to put yourself in debt. Buying cryptocurrency may not get you far! It is possible to hit it big with crypto, but it is also very possible to lose everything. If having only a penny or two left seems like a perfect life to you, then take a hit at it superstar!
