Musk Backs Dogecoin amid Crypto Market Surge

Elon Musk has reaffirmed his support for Dogecoin's unique inflationary model, describing its flat inflation rate as a 'feature, not a bug,' amid a significant rally in its value following Donald Trump's presidential victory. Dogecoin, now the sixth-largest cryptocurrency by market cap, has surged over 100%, reaching levels not seen since 2021, partly driven by Musk's backing and his appointment as co-lead of the Department of Government Efficiency (DOGE) in Trump's administration. Musk's comments came in response to Dogecoin co-creator Billy Markus, who suggested that the inflation model could be changed through a community-driven process. Meanwhile, Bitcoin has soared to $90,000, as major firms like BlackRock show increased interest, and Ripple (XRP) is also seeing a bullish pattern with a potential for substantial price increases if it surpasses key resistance levels. The renewed interest in cryptocurrencies highlights Musk's influence and the broader market's responsiveness to political and economic shifts.