The cryptocurrency has risen 150% since the November 5 election, reaching a new all-time high following the appointment of Elon Musk to head the Department of Government Efficiency that shares the same acronym.
Trump said Tuesday that Musk and former Republican presidential candidate Vivek Ramaswamy will lead the new department (whose acronym shares the name of the cryptocurrency) that Trump said will «provide advice and guidance from outside the government.»
On X, Musk responded to the announcement with an image of a «DOGE» logo and a Shiba Inu that appeared to refer to Dogecoin, complete with the dog’s face. The cryptocurrency also responded to the news with an image of Musk, a Shiba Inu, and a caption that read, «We’re going full speed ahead.»
Big number: 150% is how much Dogecoin has risen since November 5, the day of the election, when the cryptocurrency’s price ended the day just below $0.17.
Meanwhile, Bitcoin crossed the $90,000 threshold for the first time on Wednesday and is now trading above $91,000. The digital asset has climbed more than 30% since Election Day, when the cryptocurrency was trading below $70,000.
The Dogecoin meme token
Dogecoin reached a market cap of about $70 billion in 2021, when it peaked near $0.70 before plummeting to around $0.05. The coin’s success was largely tied to Musk, who embraced dogecoin on social media. Dogecoin’s collapse appeared to follow Musk’s appearance on Saturday Night Live that year, where the entrepreneur called the coin a hoax.
The cryptocurrency market has skyrocketed since Trump’s election victory last week, with even Bitcoin hitting multiple new all-time highs. Trump said he would make the US the «crypto capital of the planet,» despite previous criticism of the industry, and received backing from several leaders including Cameron and Tyler Winklevoss .
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Musk is the richest person in the world, with a fortune valued at $308.1 billion , according to our latest estimates. The Tesla CEO first proposed a government efficiency agency earlier this year, and Trump later said he would create a commission led by the entrepreneur to conduct a “full financial and performance audit of the entire federal government.”
