One Dogecoin is worth about 41.5 cents as of midday Wednesday, over double what it was worth just before the 2024 election.
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.
