As of Wednesday, dogecoin was trading at $0.43 per coin — more than double the price on Election Day.
Elon Musk’s favorite cryptocurrency Dogecoin spiked by as much as 20% Wednesday after the Tesla mogul was tapped by President-elect Donald Trump to lead a newly created “Department of Government Efficiency” — or DOGE.
The meme coin, which features an image of a Shiba Inu breed dog and was created as a joke to poke fun at other cryptocurrencies, has more than doubled in value since Election Day, trading at 42 cents at 10:30 a.m. ET. Since the start of the year, Dogecoin has surged 353%.
The rally has helped Dogecoin blow past XRP to become the sixth-largest cryptocurrency, with a market capitalization of nearly $60 billion as of Wednesday, according to CoinMarketCap.
Dogecoin has increased 106% since Trump crushed Vice President Kamala Harris last week — easily surpassing Bitcoin’s 30% rise during the same period.
Nonetheless, Bitcoin hit an all-time high of $91,584 on Wednesday.
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
