Dogecoin Price Soars to $10 as Elon Musk Joins Trump Administration, What’s Next for Crypto?

The price of Dogecoin is rapidly climbing, and many are predicting that it could hit $10 by Inauguration Day, January 2025. This surge is fueled by Elon Musk’s new role in the Trump administration and mounting expectations for the cryptocurrency’s future.

Elon Musk’s influence on Dogecoin is no secret. The billionaire has been a staunch advocate for the meme coin, which has surged in value by over 100% in just one week, reaching $0.0418. Now, with Musk’s appointment to lead the new Department of Government Efficiency (DOGE), many experts are revising their price predictions, with some forecasting a remarkable climb to $10 by the time President Donald Trump takes office in January.

Musk’s Role in DOGE and Its Impact on the Market

Musk’s involvement in Dogecoin has always been one of the driving forces behind its wild price swings. As the world’s richest man, his endorsement alone has been enough to send prices soaring. Now, his official position heading DOGE, a newly created “department” aimed at reforming government efficiency, is expected to further boost Dogecoin’s legitimacy and price.

In addition to Musk’s personal influence, the political environment surrounding the Trump administration could provide additional momentum. Musk’s ties to key figures within the crypto world, including crypto-friendly regulators, are expected to benefit both Dogecoin and other cryptocurrencies.

What’s fueling the optimism? Experts point to several factors. First, Musk’s position means he’ll have a say in pushing forward legislation that could de-regulate crypto markets, making them more accessible to the public. Furthermore, the likelihood of additional crypto-friendly appointments to the Securities and Exchange Commission (SEC) is strengthening the bullish outlook for Dogecoin.

What’s Next for Dogecoin with SEC Changes?

In Washington, there’s significant speculation that the incoming Trump administration will bring crypto-friendly leaders to positions of power, which could have a dramatic effect on the market. According to sources, Daniel Gallagher, the chief legal officer at Robinhood, is being considered for the role of SEC chairman. Gallagher’s stance on crypto is favorable, and his leadership could bring much-needed regulatory clarity to the market.

Meanwhile, two key SEC commissioners, Hester ‘crypto mom’ Peirce and Mark Uyeda, both known for their pro-crypto stances, are also in the running. If appointed to lead the SEC, these figures would likely support a more crypto-friendly environment, potentially removing roadblocks for digital currencies like Dogecoin.

Adding fuel to the fire, former SEC commissioner Paul Atkins, a supporter of the Trump administration, has been named as another potential candidate for SEC chairman. If any of these individuals are appointed, it could mark a new era for crypto regulation, sparking further bullish sentiment in the market.

The expected reshuffling of financial regulators is already having an impact. Ripple’s XRP, which has been mired in legal battles, saw a notable price surge following reports of CEO Brad Garlinghouse’s discussions with Trump’s team. These regulatory shifts are being closely watched by investors, who believe that the right leadership could finally provide the clarity the crypto industry has long sought.

• Potential SEC Chairmen and Crypto Influence:
  • Daniel Gallagher (Robinhood)
  • Hester ‘crypto mom’ Peirce
  • Mark Uyeda
  • Chris Giancarlo (former CFTC head)
  • Paul Atkins

This regulatory overhaul is just one of the factors propelling Dogecoin to new heights. If Musk’s influence continues to play a role, combined with a favorable regulatory environment, a price target of $10 for Dogecoin by January 2025 is looking more realistic every day.

Ripple Effect: Who Else in Crypto Is Gaining Influence?

As Dogecoin looks set for a major price surge, other crypto figures with ties to the Trump administration are also on the radar. Marco Santori, Chief Legal Officer at Kraken, and David Bailey, CEO of BTC Inc., both played a role in Trump’s election campaign, further cementing the connection between cryptocurrency and the political establishment.

In addition, Howard Lutnick, CEO of investment bank Cantor Fitzgerald, has been involved in Trump’s presidential transition efforts. Lutnick’s company acts as a custodian for Tether, one of the largest stablecoins, and his continued involvement with the administration could have significant implications for the broader crypto ecosystem.

What does this all mean for investors? The increased involvement of crypto insiders in the political process signals a more favorable regulatory environment. These connections are likely to encourage further institutional investment in Dogecoin and other cryptocurrencies, contributing to the ongoing price surge.

While all eyes are on Dogecoin’s rapid price growth, other coins may benefit as well, with Ripple’s XRP seeing an uptick in value as the legal landscape improves.

The Road to $10: Can Dogecoin Continue to Rally?

Dogecoin has shown remarkable growth in recent days, more than doubling in value over the past week. With a potential price target of $1 in the coming days, the question on everyone’s mind is: can Dogecoin continue this upward momentum all the way to $10?

There are a few factors that could help push Dogecoin to this impressive milestone. For one, the crypto market as a whole is poised for growth. Bitcoin’s price is inching closer to $100,000, and the excitement surrounding Bitcoin’s success often spills over into other altcoins like Dogecoin.

Another key driver is Musk’s increasing involvement with DOGE. While the department he will head is not officially a government body, his influence is undeniable. The creation of DOGE as a “government efficiency” department, which works outside the purview of the Senate, could allow Musk to bypass the usual red tape and push forward a regulatory agenda that favors crypto.

With 68 days to go before the January 2025 Inauguration Day, Dogecoin’s price could easily reach new heights. If the cryptocurrency maintains its current growth rate, hitting $10 might not be as far-fetched as it once seemed.