Meme-coin DOGE soars as Musk, Ramaswamy join Trump initiative
Dogecoin surged 32% on Tuesday and 10% during early trade on Wednesday after Elon Musk and Vivek Ramaswamy were appointed to Trump's Department of Government Efficiency
Dogecoin surged 32% on Tuesday and 10% during early trade on Wednesday after Elon Musk and Vivek Ramaswamy were appointed to Trump's Department of Government Efficiency
According to market analysts, the current rally in dogecoin may not sustain long-term as it is not backed by strong fundamentals.
The selling of Bitcoin holdings added $936 million to its balance sheet; Bitcoin is trading 2.37% down at $22,903.48
Bitcoin rose 7.5% to hit one month high of $23,526 in the past 24-hour trade; the world’s largest crypto has gained 18.5% in a week.
IC15 is a broad market index by market capitalisation, which tracks and measures the performance of top 15 widely traded liquid cryptocurrencies.
Industry experts are optimistic that there will not be a blanket ban and the speculation around the term ‘private cryptocurrencies’ will be put to rest once the fine print of the bill is out.
The move to "prohibit" comes after the PM had warned young investors about the perils of cryptocurrency, and chairing top-level deliberations on the issue.