Department Of Government Efficiency: Musk-Inspired D.O.G.E. Token Sees 291% Gain

TLDR:

• New meme coin D.O.G.E. (Department of Government Efficiency) surged 291% in a week, reaching $0.163
• Token was inspired by Elon Musk’s joke about running a government agency under Trump
• D.O.G.E.’s market cap hits $161 million since August 2024 launch
• Original Dogecoin reached seven-month high of $0.21 on Election Day
• Both tokens saw price increases following Musk’s public appearances with Trump

The Department of Government Efficiency (D.O.G.E.) token, an Ethereum-based cryptocurrency inspired by Elon Musk’s comments about a hypothetical government agency, has seen remarkable price movement in the past week.

Data from CoinGecko shows that D.O.G.E. token prices increased by 75% in just 24 hours, reaching $0.163. This surge contributes to an impressive weekly gain of 291%, outpacing the performance of its namesake inspiration, Dogecoin.

The token’s creation traces back to August 2024, when Elon Musk joked online about establishing a Department of Government Efficiency (D.O.G.E.) under a potential second Trump administration. Crypto developers quickly seized on the idea, launching the D.O.G.E. token shortly after Musk’s comments.

Since its launch, the token has shown strong market performance, with its value increasing by more than 1,400%. The current market capitalization stands at $161 million, according to the latest trading data.

Meanwhile, the original Dogecoin has also experienced notable gains. On Election Day, DOGE reached $0.21, marking its highest price point in seven months. This surge helped Dogecoin overtake XRP to become the seventh-largest cryptocurrency by market capitalization, with a total value of $30 billion.

Trading activity for both tokens has been closely tied to Elon Musk’s public appearances and social media activity. In September, when former President Trump shared one of Musk’s posts about the fictional agency, both tokens saw immediate price increases.

A key moment came during Musk’s appearance at a Trump rally at Madison Square Garden in New York last month. After Musk discussed his plans for the D.O.G.E. agency, the token reached a new all-time high price. Dogecoin responded with a 12% increase, reaching approximately $0.16.

The relationship between political events and token prices became even more apparent on Election Day, when Musk appeared alongside Trump. Following this appearance, D.O.G.E. token prices surged by about 250%, while Dogecoin gained 17%.

Trading volume for the D.O.G.E. token has also seen substantial increases. Recent data shows 24-hour trading volume of $41.4 million, representing a 192% increase from the previous day.

The token maintains a fixed supply of 1 billion tokens, with all tokens currently in circulation. Popular trading platforms for D.O.G.E. include XT.COM, where the DOGE/USDT trading pair shows the highest activity.

Price history shows that D.O.G.E. reached its all-time high of $0.1923 on November 8, 2024. This marks a dramatic increase from its all-time low of $0.00009953, recorded on September 2, 2024.

For traders and investors tracking the token, it’s available on both centralized and decentralized exchanges. The most active trading occurs on XT.COM, with additional trading options available on platforms like AscendEX and Raydium.

The token can be added to popular crypto wallets like MetaMask using its contract address: 0x1121acc14c63f3c872bfca497d10926a6098aac5.

Recent market data indicates that D.O.G.E. is outperforming both the global cryptocurrency market and other Ethereum ecosystem tokens. While the broader crypto market showed a 10.9% increase, and Ethereum ecosystem tokens rose by 12.7%, D.O.G.E.’s weekly gain of 290.6% stands out notably.