Dogecoin Surges as Trump Introduces "DOGE" Department of Government Efficiency

Since Election Day, Dogecoin has seen remarkable gains, up 153%, and even surpassed XRP to become the sixth-largest cryptocurrency by market cap. The rally in Dogecoin highlights the continued enthusiasm among retail investors for speculative assets, with the playful “DOGE” title energizing interest in the popular memecoin. Musk’s influence, which drove Dogecoin’s price to its all-time high of 67 cents in 2021, remains a powerful catalyst. Other cryptocurrencies, including Bitcoin, held steady, while major crypto stocks like Coinbase and MicroStrategy saw minor declines.

Dogecoin Surges After Trump’s Announcement of New “DOGE” Department

Dogecoin shot up Tuesday night after President-elect Donald Trump formally introduced the Department of Government Efficiency, which he humorously abbreviated as “DOGE.” This announcement boosted Dogecoin, which gained more than 150% since Election Day, making it one of the top-performing cryptocurrencies of the post-election rally. In comparison, Bitcoin's rise over the same period has been 30%.

Elon Musk and Vivek Ramaswamy to Lead New Government Efficiency Initiative

Trump’s statement revealed that Tesla CEO Elon Musk, a longtime supporter of Dogecoin, and Vivek Ramaswamy, co-founder of Strive Asset Management, will spearhead the department. According to Trump, Musk and Ramaswamy will work to simplify government operations, cut unnecessary regulations, and reduce wasteful spending. Musk, who famously referred to himself as the “Dogefather,” has consistently influenced Dogecoin’s price with his public endorsements and social media presence. Since Trump initially floated the concept in September, Musk has fueled speculation by calling it the “D.O.G.E.” on social media.

Dogecoin Rides High as Retail Investors Flock to Memecoins

Dogecoin’s recent rally reflects the retail investor interest that often follows Memecoin surges, signaling an appetite for higher-risk investments in the crypto space. This new “DOGE” department adds to the excitement surrounding Dogecoin, a cryptocurrency Musk heavily promoted on social media, reaching its peak in 2021. The broader crypto market was largely stable, with Bitcoin hovering around $87,000 after briefly touching $90,000. In contrast, major crypto stocks like Coinbase and MicroStrategy showed slight declines.