At the time, there was optimism that the new administration would offer a fresh start for the crypto industry. As of Nov. 14, Bitcoin is up 33% since Trump’s re-election.

It appears that once again animal spirits have been unleashed. Consider Dogecoin (DOGE), a memecoin — or digital asset based on some irreverent internet culture — that has climbed more than 70% in just a week, and now has a bigger market value than the Ford Motor Company. 

Why is the industry so hopeful? First, they argue that nothing is better than the Biden administration, which was openly hostile to the web3 industry.