Dogecoin was first introduced in 2013, 11 years ago by its creators, Billy Markus and Jackson Palmer.
It was created as a payment system joke amid the auspicious momentum of cryptocurrency then, that cryptocurrency will be the most used payment system in the years to come.
Coupled with being the first meme coin, it's also the first dog coin.
The market responded after declining by over 2% in the past 48 hours, with a 4% green in the past 24 hours.
Dogecoin was said to have gained more in proportion to its price since the united states election compared to Bitcoin and Xrp.
Elon musk, the richest man in the world is known to use his platform, X, to promote the coin since his first tweet on the coin, "Doge" in December, 2020.
Musk's tweet about the coin spiked it by 20% in December, 2020. A series of tweets from Elon, promoting Doge has been a major contributor to the development of the coin, laying positive tracks in terms of price and capitalization increase overtime.
There are shades of positivity, but not without some shadows of negative signs, this statement was evidenced on the 8th of may, 2021 when Doge dropped by over 29% after elon's Saturday night interview. There were also accusations of intentional manipulation of the coin's price against Elon, implying that he has been manipulating the price with his great audience.
After the United States election in November, Department of government efficiency became a reality when trump announced it on the 12th of November, unveiling it as a department in his incoming administration.
The department will be lead by Elon himself, who has been a promoter for the dogecoin that shared name with the acronym of the Department of Government Efficiency,"D.O.G.E" and Vivek Ramaswany. The duos "will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."
The speculation is that, like its routine, it will go bullish when the department is formalized.
The united states inauguration is set for 20th of January 2025, whether the department getting formalised is a positive sign for doge or not is a necessary question that needs to be asked now.
Defining your position on Doge, whether to sell, buy or hold prior to the inauguration is important regardless of the outcome.