Cryptocurrencies rallied since news of Donald Trump winning last week’s US presidential election. All cryptos are up. However, since confirming Elon Musk as co-head of an as yet established agency, Department Of Government Efficiency (DOGE), the non-real asset backed memecoin, Dogecoin has exploded in value.

Dogecoin was trading at $0.39 overnight Wednesday night. The coin was trading an eye-boggling 415% gain from last year’s price of $0.07.

Every dog has its day, and my Doge holdings are having a good day.

El Jefe, Publisher, theSync Weekly

Our publisher, El Jefe, who doesn’t, “like to talk trash about things unless he has skin in the game,” strutted in our offices bragging about his crypto positions. Doge isn’t the only coin experiencing a rally.

Bitcoin broke new records tickling $95,000 per coin in last night’s trading. Analysts are predicting Bitcoin to exceed $100,000 in price as we approach the end of the year and the mindless crypto frenzy continues.

Fiat Currency Also In On the Action

The US dollar also soared to a 1-year high against the euro which fell in Forex trading. Analysts are saying the dollar is reaching new heights due to anticipated tariffs to be levied on imports. A strong dollar is a good thing as consumers dust off their credit cards for the holiday season.

Consumers shouldn’t jump for glee. At least for long. We import most of the world’s crap, and we’ll be bearing the brunt of those tariffs. Domestic production on most goods won’t happen overnight, but it may lead to long-term domestic output. Economists are predicting trade wars if tariffs on high impact products take hold. Also, tariff imbalances could hurt US exporters because many components are sourced from a global economy.

I don’t know how long this economic euphoria will last. I’m not trying to be a hater, but there is nothing backing these current upward trends. The country was already experiencing lowering inflation, a strong jobs market, and reduced debt two weeks ago. Before Trump was elected. I hope it lasts.

I won’t hold my breath.

-MJ