Dogecoin, a cryptocurrency with a dog mascot and Elon Musk as one of its most famous fans, has surged in value since Donald Trump won the presidential election and announced a new government group nicknamed DOGE.
One dogecoin that was worth less than 16 cents before Election Day has more than doubled to around 41.5 cents today, The Associated Press reported.
On Tuesday, Trump named Musk as one of the leaders of the "Department of Government Efficiency," an outside group Trump said will advise his administration on "large scale structural reform," according to The Associated Press. Former GOP presidential candidate Vivek Ramaswamy is another Trump supporter who will lead the group, which is not a government agency.
Dogecoin's value is similar to other cryptocurrencies and based on how much people will pay for it. Its fan base has sometimes sent its price soaring, and tried unsuccessfully in 2021 to get Dogecoin's value above $1, per The Associated Press.
Musk said in 2022 that Twitter should accept dogecoin as payment for subscriptions. In 2021, he appeared on an episode of "Saturday Night Live" as the "Dogefather."
Bitcoin also seen a surge after Trump embraced it during his campaign. The cryptocurrency rose above $93,000 for the first time on Wednesday, according to CNBC.
But dogecoin has been one of the biggest winners since the election, CNBC reported, gaining more than 150% since Election Day compared with bitcoin’s 30% rise in the same time frame.
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