Dogecoin (DOGE-USD) is soaring thanks to a new government initiative led by Elon Musk and Vivek Ramaswamy. On Tuesday, President-elect Donald Trump revealed his appointment of Musk and Ramaswamy to lead a newly formed Department of Government Efficiency (DOGE), igniting a surge in Dogecoin prices. As Musk shared on social media, the department will bring a fresh, entrepreneurial approach to government spending, aiming to cut inefficiencies and restructure federal agencies. This move, leveraging the “DOGE” name, has captured the public’s attention and driven a 250% spike in Dogecoin’s value over the past month.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Memes Meet Reality in DOGE Surge
Musk’s transparency-focused approach, which includes posting all departmental actions online, paired with his plan for a “leaderboard” highlighting wasteful government spending, adds a layer of public engagement to the initiative. According to CoinDesk, this blend of transparency and humor has boosted Dogecoin’s appeal, with traders now eyeing $1 as a potential long-term target. DOGE’s rise from meme status to mainstream investment is a testament to how memetic assets can sometimes fuel real-world market moves.
At the time of writing, Dogecoin is sitting at $0.3888, up a whopping 95.90% in the past 5 days.
