Dogecoin, Elon Musk's preferred cryptocurrency, is once again in the news: This is the reason.

 

What is causing Dogecoin to surge once more following a lull? Following Elon Musk's announcement late last week that a new payment mechanism is being implemented on his X (previously Twitter) platform, the meme cryptocurrency's value surged by around 20%. 

However, why is that? The most recent surge has also been spurred by a global surge in interest in the term "Dogecoin," as shown by Google trends, which coincided with US President-elect Donald Trump's announcement that Musk would lead a new organisation known as the Department of Government Efficiency, or "DOGE" for short.