Donald Trump announced that Elon Musk will be in his cabinet: Dogecoin price skyrocketed.

Dogecoin has come back into the spotlight with Donald Trump's new appointments and Elon Musk's statements. Musk and Ramaswamy, who have been appointed to the Department of Government Efficiency (D.O.G.E), promise significant reforms. DOGE prices have seen an increase of over 500% with this news.

DOGECOIN BACK AT THE TOP

Dogecoin (DOGE), one of the prominent names in the cryptocurrency world, has achieved a record rise following the new appointments of U.S. President Donald Trump. In transactions that took place on Tuesday, DOGE recorded a value increase exceeding 500%, becoming the center of attention for investors.

President Trump's appointment of Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency has created excitement in the cryptocurrency markets. A statement made on the Truth Social platform indicated that these appointments were made with the aim of restructuring federal agencies and reducing bureaucracy.

One of the new heads of the department, Elon Musk, announced through the X platform that all activities of the agency would be shared transparently with the public. Musk emphasized that a system would be established to allow citizens to track the use of tax revenues and to prevent unnecessary expenditures.

According to data, DOGE, which has entered an upward trend since October, has gained 250% in value over the past month. The cryptocurrency, which has reached levels seen in 2021, is expected to reach the $1 target in the long term, according to market experts.

Musk and Ramaswamy, who will serve until July 4, 2026, are said to bring "an unprecedented entrepreneurial approach" to government management. These developments are considered an important factor that could increase DOGE's popularity among both mainstream media and investors.