Why Dogecoin Now Has a Larger Market Cap Than Ford, Delta, and General Mills | Global News Avenue

Dogecoin price (DOGEUSD, dogShares surged on Wednesday after President-elect Donald Trump appointed supporters Elon Musk and Vivek Ramaswamy to lead the new Department of Government Effectiveness (DOGE).

Personal Dogecoin Bitcoin was trading at around 40 cents on Wednesday afternoon, up from 36 cents overnight and around 17 cents before the presidential election results were announced last Tuesday. The coin’s surge has pushed its market capitalization to approximately $60 billion, making the initial coin same corner More valuable than household names like Ford (F), Delta Air Lines (Dar) and General Mills (geographic information system).

Cryptocurrencies such as Bitcoin (Bitcoin USD) as well as stocks of cryptocurrency companies such as Coinbase (coin) also have soared last week. Executives across the industry have Cheers for Trump’s victorysaying they believed the Trump administration may be friendly to the crypto industry.

Musk’s connection to Dogecoin and Trump

Musk has always been long term fan Dogecoin was born out of a photo of a Shiba Inu that became a recurring joke on the internet in the 2010s. Tesla (Tesla) CEO frequently promotes the coin on social media; he was accused in a now-dismissed lawsuit of inflating the coin’s value for personal gain.

Tesla January 2022 Start accepting Dogecoin as a payment method for certain products in its online store.

Musk embraced Trump’s candidacy this year. this Political Action Committee (PAC) He created the funds that spent at least $200 million to support Trump’s campaign before last week’s election. Musk is also the company’s CEO SpaceX and othershas said he wants Help Trump cut $2 trillion in government spending in the coming years.

What is the Department of Government Effectiveness?

On Tuesday, Trump announced that Musk and entrepreneur Vivek Ramaswamy, a former rival for the Republican presidential nomination, would co-lead the “Department of Government Effectiveness,” a possible response to Dogecoin recognized.

Trump said on Tuesday that the department would “pave the way for my administration to dismantle government bureaucracy, cut redundant regulations, cut wasteful spending and reorganize federal agencies.”

Trump’s statement said the group will “provide advice and guidance from outside the government and will work with the White House and the Office of Management and Budget to advance large-scale structural reforms.” this Office of Management and Budget (OMB) Manage implementation of the President’s agenda by developing budgets and monitoring agency performance.

Trump did not disclose the size or funding of the department.