Department of Government Efficiency (DOGE)—The Ethereum meme coin inspired by Elon Musk's proposed US government office has doubled in value, surpassing the billionaire's favorite Dogecoin (DOGE) in its own hot streak.
According to CoinGecko, the DOGE token has risen 75% to $0.163 in the last 24 hours. In comparison, Dogecoin is up 75% over the past 30 days, while at the same time Dogecoin's price is flat at its current price of just over $0.19.
Doge's price has risen more than 1,400% since August, according to CoinGecko data. The token has a market cap of $161 million at the time of this writing.
Although DOGE outperformed Dogecoin on the last day, both tokens have been heavily loaded in recent months. The token's rallies since August have mostly been public comments related to DOGE and appearances from Elon Musk.
The CEO of Tesla and SpaceX has long been associated with Dogecoin, declaring himself a big fan of the coin and often extolling the token's value through tweets and views. Many other meme coins, meanwhile, are just one of the latest examples, the DOGE token inspired by Musk, his life, and his companies.
Musk and DOGE
In August, Elon Musk said online that he would lead the US government's Office of Government Efficiency (DOGE) under Trump's second administration.
His posts on Twitter (pronounced X) inspired the coinage of the DOGE meme later that month. Eagle-eyed crypto traders have noticed that the acronym DOGE corresponds to Dogecoin's ticker, which has boosted the value of the OG meme coin.
In September, Trump retweeted one of Musk's posts about the fictional agency, alongside an image of the Tesla founder as head of DOGE.
Beyond those online exchanges, Musk has made a number of in-person appearances in support of Trump that have fueled market momentum for both tokens.
Last month, Musk spoke about the DOGE agency's plans at a Trump rally at Madison Square Garden in New York. Shortly after its appearance at the event, the DOGE meme coin rose to a new all-time high and has continued to climb ever since. Meanwhile, Dogecoin's price rose 12 percent after the rally, hitting a seasonal high of $0.16.
On election day, Mook announced that the former US leader had won a second term, raising the value of both tokens alongside President-elect Donald Trump.
DOGE is up nearly 250% since Election Day, while CoinGecko data shows Dogecoin is up 17% since Tuesday.
Edited by Andrew Hayward.
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