Soon after the US Presidential elections concluded, US President-elect Donald Trump heralded the all-new Department of Government Efficiency, interestingly read as DOGE to be headed by Dogecoin supporter Elon Musk and former Republican presidential candidate Vivek Ramaswamy. 

Elon Musk has been long known to be the father of Dogecoin and has been an influential figure in the Dogecoin debate. 

Surge in Dogecoin 

According to data from CoinMarketCap, Dogecoin's trading volume surged from $6.24 billion on November 10 to $28.32 billion on November 12, while its market capitalization rose from $35.15 billion to $63.08 billion.

Precisely, any bitcoin witnesses growth in market cap only with the increase of its acceptance among the followers of such currencies, and the growth in market cap of dogecoin also indicates the same. 

Expert’s Opinion 

“If you had a phone and were the only one in the world with one, who would you call? But the value of your phone goes up when a lot of people join the network. Doge has become very acceptable, and people know about it. That’s why its market cap has gone up,” Sidharth Sogani Jain, Founder of Crebaco and CEO of Blue Aster Capital. 

Some otherwise opinions are also there owing to the high volatility of the bitcoin. However, the majority of experts opine that the surge is there to stay and is unlike the previous instances. 

Growing community 

The growth in market cap is a very good indicator that encapsulates the metric of acceptance dogecoin now enjoys in the crypto market. 

Market Regulation 

As India gears up for regulation of the crypto market it will have some significant impact on the Dogecoin market in India. Pranav Agarwal, Head of Investors at Foundership said, “The current exchanges are not regulated. I believe India will keep losing money in crypto if not regulated. The exchanges aren’t transparent at all. Self-regulation is not the way forward.”

Musk’s Influence

In the backdrop of all metrics, Musk’s role can be limited to influence but not minimal anyway. It isn’t the first time that something from Elon Musk has hit the crypto market to witness potential gains. Such trends were also witnessed as early in May 2021, as Musk called Doge his favorite crypto which led to Dogecoin's rise to a high of $0.68 in contrast to its under one-penny value at the beginning of the year.

Another incident worth noticing has been Musk’s choice to make Dogecoin Shibu Inu the new logo for Twitter which again made the crypto rank among the top 10 cryptos in terms of market cap. But this incident adds more understanding into the trends of Dogecoin witnessed today as it has always remained a benefactor of Musk’s support.