Department of Government Efficiency (D.O.G.E.)—an Ethereum meme coin inspired by Elon Musk's proposed U.S. government office of the same name—has doubled in price, outpacing the billionaire's beloved Dogecoin (DOGE) amid its own hot streak.
The D.O.G.E. token surged roughly 75% to $0.163 in the past 24 hours, according to CoinGecko. By comparison, Dogecoin's price is nearly flat during the same span at a current price above $0.19,, though Dogecoin is up by 75% over the last 30 days.
Since its inception in August, D.O.G.E.’s price has soared by more than 1,400%, CoinGecko data shows. The token has a market cap of $161 million at the time of writing.
![Dogecoin is the top "meme coin" by market cap. Image: Shutterstock.](https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2022/04/dogecoin-price-trading-gID_7.jpeg@webp)
Dogecoin Rallies to Seven-Month High on US Election Wave
Dogecoin (DOGE) surged to $0.21 on U.S. Election Day, reaching a Seven-month high after days of hype driven by Elon Musk’s playful tweets and public appearances alongside former President Donald Trump. DOGE is up by 30% in the last 24 hours and 20.6% in the last 7 days, CoinGecko data shows. The meme coin also flipped Ripple (XRP), becoming the 7th largest crypto with a market cap of $30 billion. Although still below its all-time high of $0.73 set in May 2021, DOGE’s Election Day rally points t...
Although D.O.G.E. is vastly outperforming Dogecoin in the last day, both tokens have pumped several times in recent months. The tokens’ rallies since August are largely attributable to a host of D.O.G.E.-related public comments and appearances from Elon Musk.
The Tesla and SpaceX CEO has long been associated with Dogecoin, declaring himself a big fan of the coin and frequently pumping the token’s price with his tweets and appearances. Many other meme coins, meanwhile, have been inspired by Musk, his life, and his companies, with the D.O.G.E. token just one of the more recent examples.
Musk and D.O.G.E.
In August, Elon Musk quipped online that he would run a U.S. government office called Department of Government Efficiency (D.O.G.E.) under Trump's would-be second administration.
His posts on Twitter (aka X) inspired the creation of the D.O.G.E. meme coin later that month. Eagle-eyed crypto traders noted that the office's acronym D.O.G.E. matched Dogecoin's ticker, which sent the O.G. meme coin's price soaring.
In September, Trump retweeted one of Musk's posts about the fictional agency alongside an image of the Tesla founder as D.O.G.E. leader, which preceded run-ups in both tokens’ prices.
Beyond that spate of online exchanges, Musk has also made several in-person appearances in support of Trump that have sustained market momentum for both tokens.
Last month, Musk talked about his D.O.G.E. agency plans at a Trump rally at Madison Square Garden in New York. Shortly after his appearance at the event, the D.O.G.E. meme coin surged to a new all-time high price, and has only kept climbing since. Meanwhile, Dogecoin's price jumped 12% after the rally, peaking at roughly $0.16 at the time.
![Dogecoin. Image: Shutterstock](https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2021/06/dogecoin-price-market-up-gID_7.jpeg@webp)
Dogecoin Price Pumps After Elon Musk Shares D.O.G.E. Plans at Massive Trump Rally
Dogecoin continues its surge—and it's now the best performing cryptocurrency among the top 100 coins over the past 24 hours. The original meme coin hit a peak price of nearly $0.16 on Monday afternoon, according to CoinGecko, marking a nearly five-month high after last touching that price in early June. Down slightly from that peak, DOGE is now up almost 12% on the day at a current price of $0.157, making it the biggest gainer in the top 100 cryptocurrencies by market cap. The gradual climb of t...
Musk also appeared alongside President-elect Donald Trump on Election Day, pushing up both tokens’ prices as the former U.S. leader secured a second term.
D.O.G.E. has surged by roughly 250% since Election Day, CoinGecko data shows, while Dogecoin is up about 17% since Tuesday.
Edited by Andrew Hayward