Recently labeled as the “Crypto President”, the reelected US President Donald Trump has caused profitable waves in the crypto industry.
Among the digital coins that rallied after Trump’s reelection is Dogecoin (DOGE). As a TRUMP Token, DOGE hit its three-year high of R 7.72 (USD 0.4216) when the 2024 US Presidential election was concluded. The surge also increased Dogecoin’s market cap to R1.05 trillion.
In this TRU Insight, you’ll walk through the history of Dogecoin, its price in Rands today, and its significant role in Trump’s Presidential bid. Explore how Donald Trump’s reelection boosted the Dogecoin price.
Dogecoin Price in Rands Today
| Market Cap | ZAR 1,053,010,788,497 |
| Total Supply | 146.78 billion |
| Circulating Supply | 146.78 billion |
Launched in 2013 to mock cryptocurrencies, Dogecoin has stood among the biggest digital currencies in 2024. This growth is highly entailed by its association with Elon Musk, the richest person in the world.
Being Musk’s favorite cryptocurrency, Dogecoin is supported by Musk’s followers and the multi-billionaire himself. Musk “still owns a bunch of Dogecoin” and will keep supporting the meme coin.
On November 13, the Dogecoin price peaked at R 7.72 (USD 0.4216) with a market capitalization of R1.05 trillion (USD 28.55B)– becoming bigger than Ford, a century-old and already-established automotive company.
This surge in price is undeniably due to Donald Trump’s presidential victory and his announcement of the establishment of the Department of Government Efficiency (DOGE), which is a wink toward the meme coin.
Overview to Dogecoin
Created by Jackson Palmer and Billy Markus in 2013, Dogecoin is a meme coin for funsies.
It was ultimately used to satirize the hype surrounding cryptocurrencies, which were considered illegitimate financial assets at that time.
Despite its cunning history, Dogecoin has become one of the largest crypto assets today, as per market capitalization.
- 2013: The first-ever value jump of DOGE (300%) was due to China’s policy that prohibited banks from investing in crypto.
- 2019: Binance, the world’s largest crypto exchange, listed Dogecoin on the exchange. This makes Dogecoin accessible among crypto investors.
- January 2021: Dogecoin’s value rose by about 339% after Musk’s investment announcement on Dogecoin.
- May 2021: The cryptocurrency has hit its all-time high of R10.29 (USD0.73) following Musk’s endorsement of the coin on social media.
With reliable blockchain technology and the utilization of the Scrypt algorithm, DOGE has become the crowd favorite due to its low price and unlimited supply.
Dogecoin and Donald Trump
Dogecoin has become a TRUMP token after it played a significant role in Trump’s MAGA campaign.
Briefly, TRUMP tokens belonged to the young PoliFi crypto sector – the convergence of cryptocurrency, politics, and finance. Such coins were used as a speculative instrument in the recent presidential race.
According to the Wall Street Journal, the MAGA campaign garnered USD 3 million worth of cryptocurrencies. The major contributors of the said amount were Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Elon Musk and Donald Trump’s MAGA Campaign
Elon Musk was actively involved in the Republican’s MAGA Campaign.
The multi-billionaire’s involvement in the Republican started in 2022 when he urged his followers to choose Republicans in the election.
This endorsement was significantly rooted in his frustration with how the by-then Democratic-led administration handled the COVID-19 crisis. The pandemic devastated America for over two years, drastically affecting and restricting Tesla’s factory operations.
For the 2024 Presidential campaign, Trump received a significant donation from Elon Musk, amounting to more than USD 100 million.
This made Musk the mega-donor of Trump’s campaign. Musk was put on Trump’s good side, and Trump even promised to create a role for Musk in the federal government.
The Department of Government Efficiency (DOGE)
On the 12th of November 2024, reelected US President Donald Trump announced his plan to establish the Department of Government Efficiency (DOGE) within his new administration.
The DOGE, which is intended to monitor and regulate government spending, is intended to be headed by Elon Musk and Vivek Ramaswamy.
As per Trump, the two will work together to efficiently “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
While the reason for the appointment isn’t confirmed yet, the public assumption lies in Musk’s argument about the previous administration’s spending, saying it could be cut by “at least USD 2 trillion.”
There’s no apparent confirmation from the White House whether the DOGE will be a Federal Agency or a private entity. Moreover, Musk’s direct appointment with the administration raised eyebrows from the public as it could potentially evoke conflicts of interest.
Cunningly, the name is a wink towards the cryptocurrency Dogecoin, which has become instrumental during his 2024 Presidential campaign.
Trump’s Promise of Crypto-Friendly Regulations
Prior to Trump’s reelection in 2024, the cryptocurrency industry in America had its tough times, especially when the US SEC’s Gary Gensler committed to putting the industry under compliance.
But crypto investors saw light after Trump promised to be the “Crypto President” once he secured the presidential seat again.
With his win, the crypto market had already felt the nearing crypto golden era. In fact, BTC broke through the USD 90,000 market, and Dogecoin’s market cap surged to USD 63.5 billion immediately after Trump’s reelection.
Here are Trump’s promises to turbocharge the cryptocurrency industry in the US:
National Crypto Stockpile
One promise Trump makes for the crypto industry is to establish a strategic Bitcoin reserve in the country. According to him, doing so would make the US the “crypto capital of the world.”
To do this, he will create a policy to mandate the federal government to never sell off its BTC holdings – those that were seized from financial criminals.
Currently, the US government owns more than 210,000 units of Bitcoin, and Trump plans to keep 100% of them.
Read more: Harris or Trump? What it means for AGOA South Africa : What Happened to Dogecoin Following Trump’s Victory + Dogecoin Price in RandsThe firing of Gary Gensler
US Securities and Exchange Commission (SEC) chair Garry Gensler has put the crypto industry on edge by making crypto regulation stricter.
With more than 100 actions against different US crypto firms, Gensler said to bring the sector under compliance.
To win the hearts of crypto investors and businesses, Trump promised to fire Gensler.
However, despite being the president, Trump has no power to fire the SEC chair. Even if he were to appoint a new chairman, Gensler would remain to be the chair commissioner.
All Bitcoins Will Be Mined In the US
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” said Trump
Currently, there are a total of 19.78 million circulating BTC units in the world. Compared to the digital maximum supply of 21 million, Trump wants the remaining 1.22 million Bitcoins to be mined in America.
According to him, this approach would make the US become energy-dominant and would prevent the Central Bank Digital Currency (CBDC) from stepping into the US financial industry.
Briefly, CBDC functions similarly to central banks of fiat currencies. Crypto investors find the creation of CBDC a threat as it defeats crypto’s decentralized nature. Moreover, CBDC gives the government absolute control over crypto holdings.
Where to Buy Dogecoin in South Africa
With the hype, influencer support, and DOGE’s price surge, now is the best time to buy and invest in Dogecoin.
But where can you buy Dogecoin in South Africa?
Well, you can trade it through these three reputable and regulated cryptocurrency exchanges in South Africa.
Coinbase
| Maker Fee | 0% to 0.40% |
| Taker Fee | 0.05% to 0.60% |
| Instant Swap Fee | 0.5% – 3.99% |
| Withdrawal Fee | R8.50 |
Regulated by the UK Financial Conduct Authority (License No. 900635), Coinbase works best for South African investors who want to buy Dogecoin or other 240 cryptocurrencies.
New crypto traders also prefer this cryptocurrency exchange due to its extensive selection of educational trading resources, including the basics of the crypto market, trading tips and tutorials, and the ability to chart 241 crypto assets.
Binance
| Maker Fee | 0% to 0.40% |
| Taker Fee | 0.075% to 0.1% |
| Instant Fee | 1% |
Binance is the world’s biggest cryptocurrency exchange, and you can buy Dogecoin here with 384 other crypto assets.
Its interface caters to both beginner and savvy traders. Beginner traders and new Binance users can use Binance Lite for intuitive navigation. On the flip side, tech-savvy traders can opt for Binance Pro to access advanced analysis tools and customization options.
VALR
| Maker Fee | -0.01% |
| Taker Fee | 0.01% |
| Instant Swap Fee | 0.75 |
| Withdrawal Fee | R8.50 |
VALR works best for South African investors who want to buy Dogecoin on a reputable crypto exchange. VALR (FSP 53308) is authorized by the Financial Sector Conduct Authority (FSCA) to provide financial services and investment products to South African investors.
Aside from Dogecoin, VALR also provides access to 70+ crypto assets including high-cap coins like Bitcoin and Ethereum.
