Dogecoin Value Skyrockets After Trump Announces Group Nicknamed DOGE

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The value of Dogecoin, a cryptocurrency known for its Shiba Inu mascot, has skyrocketed after President-elect Donald Trump announced a new Department of Government Efficiency nicknamed DOGE.

Trump's proposed federal cost-cutting group is set to be headed by billionaire Elon Musk and entrepreneur Vivek Ramaswamy, who ran against Trump in the 2024 Republican presidential primary.

DOGE will work outside the government and will partner with the White House and the Office of Management and Budget (OMB) to "drive large scale structural reform, and create an entrepreneurial approach to Government never seen before."

Trump said that Musk and Ramaswamy will "pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."

How Much Is Dogecoin Worth?

One Dogecoin, pronounced dohj-coin, is worth about 41.5 cents as of midday Wednesday, according to CoinDesk, an information hub on cryptocurrency.

While this is literally pennies in the investment world, it is over double the less than 16 cents that one Dogecoin was worth just before the November 5 election.

In general, cryptocurrencies have been doing better since Trump beat Vice President Kamala Harris in this year's presidential election.

Bitcoin, the most famous digital currency, set an all-time high above $92,000 after starting the year below $43,000.

During his election campaign, Trump told attendees of a bitcoin conference in Nashville, Tennesse, in July that he wants the U.S. to be a "bitcoin superpower."

What Is Dogecoin?

Dogecoin, which is traded under the ticker DOGE, is a cryptocurrency whose value rises and falls against the U.S. dollar based on how much people will pay for it.

Like other cryptocurrencies, supporters say Dogecoin can be used to buy and sell things on the internet without having to worry about a central bank or government affecting how many are in circulation.

It has been seen as a jokey some but has amassed a group of fans who have periodically sent its price soaring.

What Is Elon Musk's Connection to Dogecoin?

Musk has been one of the most famous fans of Dogecoin.

During an appearance on Saturday Night Live in 2021, he played a character who was nicknamed the "Dogefather."

Meanwhile, in 2022, Musk suggested Twitter, now called X, should maybe accept Dogecoin as payment for subscriptions.

Musk, who took ownership of X in October 2022, said in April 2022 that the platform's subscription fees "should be proportionate to affordability and in local currency," adding, "Maybe even an option to pay in Doge?"

This article includes reporting from The Associated Press.

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