In summary
- The Musk-inspired memecoin DOGE rose 75% in 24 hours, outpacing Dogecoin’s recent growth.
- Since August, the DOGE token has increased by 1,400%, reaching a capitalization of $161 million.
- Musk boosted DOGE with jokes about a fictitious agency; since the election, it rose 250%, while Dogecoin grew 17%.
The Ethereum Department of Government Efficiency (DOGE) memecoin—a meme Cryptocurrency or Ethereum memecoin inspired by Elon Musk’s proposal for a U.S. government office of the same name—has doubled in price, surpassing the beloved Dogecoin (DOGE) in the midst of its own bullish streak.
The DOGE token rose approximately 75% to $0.163 in the last 24 hours, according to CoinGecko data. In comparison, Dogecoin’s price was almost stable over the same period, with the current price above $0.19, although Dogecoin is up 75% in the last 30 days.
Since its creation in August, the price of DOGE has increased more than 1,400%, according to data from CoinGecko. The token has a market capitalization of $161 million at the time of writing.
Although DOGE is vastly outperforming Dogecoin in the last day, both tokens have risen several times in recent months. The token rallies since August are largely attributed to a series of DOGE-related public comments and appearances by Elon Musk.
The CEO of Tesla and SpaceX has long been associated with Dogecoin, declaring himself a big fan of the coin, frequently boosting the price of the token with his tweets and appearances. Meanwhile, many other memecoins have been inspired by Musk and his companies, with the DOGE token being just one of the most recent examples.
Musk and DOGE
In August, Elon Musk joked online that he would run a US government office called the Department of Government Efficiency (DOGE) under the supposed second Trump administration.
His posts on Twitter (aka X) inspired the creation of the meme cryptocurrency DOGE that month. Eagle-eyed cryptocurrency traders noticed that the DOGE office acronym coincided with the Dogecoin ticker, causing the price of the original meme cryptocurrency to skyrocket.
In September, Trump retweeted one of Musk’s posts about the fictional agency along with an image of the Tesla founder as the leader of DOGE, which preceded increases in the prices of both tokens.
In addition to that series of online exchanges, Musk has also made several in-person appearances in support of Trump which has maintained market momentum for both tokens.
Last month, Musk spoke about his DOGE agency plans at a Trump rally at New York’s Madison Square Garden. Shortly after its appearance at the event, the meme cryptocurrency DOGE skyrocketed to a new all-time high, and has continued to rise ever since. Meanwhile, the price of Dogecoin increased by 12% after the rally, reaching approximately $0.16 at the time.
Musk also appeared alongside President-elect Donald Trump on Election Day, boosting the prices of both tokens as the former US leader secured a second term.
DOGE is up about 250% since Election Day, according to data from CoinGecko, while Dogecoin is up about 17% since Tuesday.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
