Dogecoin extends gains after Trump forms DOGE
Meme token Dogecoin rose on 9.1% to $0.394493 on Thursday, extending recent gains and remaining close to its strongest level since May 2021.
Traders speculated whether Trump’s DOGE agency was a reference to the meme token, and whether it would entail any official recognition of Dogecoin.
But analysts argued that DOGE- which Trump claimed was formed to streamline government operations and cut spending- would have little actual authority to make major changes.
GLJ Research said the entity was “a toothless committee formed to make a few billionaires feel important.”
Crypto price today: Altcoins upbeat, little deterred by CPI data
Most major altcoins tracked gains in Bitcoin, although they traded below peaks hit earlier in the week.
World no.2 crypto Ether rose 2.5% to $3,216.79, while SOL, XRP, XRP and MATIC rose between 2% and 9%.
Crypto markets were little deterred by data showing U.S. consumer inflation remained sticky in October, as the reading sparked uncertainty over the long-term outlook for rates.
