Elon Musk posts a DOGE image on X.
The cryptocurrency Dogecoin (DOGE-USD) experienced a dramatic surge this week after-elect Donald Trump appointed high-profile backers Elon Musk and Vivek Ramaswamy to lead a new “Department of Government Efficiency” with the same DOGE acronym.
In a statement, Trump explained that Musk and Ramaswamy would provide advice and guidance while partnering with the Office of Management and Budget to “drive large-scale structural reform, and create an entrepreneurial approach to government never seen before.” During the campaign, Trump and Musk had championed a complete audit of the federal government and drastic reforms to enhance efficiency.
Dogecoin was introduced in 2013 featuring the face of Kabosu from the “doge” meme as its logo and namesake. Considered a memecoin, Dogecoin won over Musk who has promoted it on social media over the years. Musk’s electric vehicle company Tesla has even accepted Dogecoin as a form of payment for products in its online store.
Following Trump’s announcement, Dogecoin’s value climbed by over 50% within 24 hours reaching a trading price of $0.43. With a market cap of $58 billion, Dogecoin is currently the sixth-largest cryptocurrency asset on the market according to CoinMarketCap.
Capitalizing on the buzz, Trump’s official campaign site has added Dogecoin-themed merchandise to its online store, including T-shirts selling for $28. The combination of celebrity backing and political attention is likely to keep Dogecoin in the spotlight. Dogecoin itself can be purchased on the exchange operated Coinbase (Nasdaq: COIN).
