The value of Dogecoin, a cryptocurrency known for its Shiba Inu mascot, soared after the presidential election Donald Trump announced the creation of a new Ministry of Government Effectiveness nicknamed DOGE.
Trump’s proposed federal cost-cutting group should be led by a billionaire Elon Musk and entrepreneur Vivek Ramaswamywho ran against Trump in 2024 Republican presidential primary.
DOGE will work outside of government and partner with the White House and the Office of Management and Budget (OMB) to “drive large-scale structural reform and create a never-before-seen entrepreneurial approach to government.”
Trump said Musk and Ramaswamy “will lead the way for my administration to dismantle government bureaucracy, cut excessive regulations, cut wasteful spending, and restructure federal agencies.”
How much is Dogecoin worth?
One Dogecoin, pronounced dohj-coin, was worth about 41.5 cents as of midday Wednesday, according to CoinDesk, a cryptocurrency information hub.
While that’s literally pennies in the investment world, it’s more than double the less than 16 cents a Dogecoin was worth just before the November 5 election.
In general, cryptocurrencies are doing better since Trump beat the vice president Kamala Harris in this year’s presidential election.
Bitcoin, the most famous digital currency, hit an all-time high above $92,000 after starting the year below $43,000.
During his election campaign, Trump told attendees at a Bitcoin conference in Nashville, Tennesse, in July that he wanted the United States to be a “Bitcoin superpower.”
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What is Dogecoin?
Dogecoin, which is traded under the symbol DOGE, is a cryptocurrency that rises and falls in value against the US dollar depending on how much people will pay for it.
Like other cryptocurrencies, its supporters say Dogecoin can be used to buy and sell things over the internet without having to worry about the central bank or government affecting the number of cryptocurrencies in circulation.
He was considered a joke by some, but he amassed a group of fans who periodically caused his price to skyrocket.
What is Elon Musk’s connection to Dogecoin?
Musk has been one of Dogecoin’s most famous fans.
During an appearance on Saturday evening live in 2021, he plays a character nicknamed the “Dogefather”.
Meanwhile, in 2022, Musk suggested Twitternow called X, should perhaps accept Dogecoin as payment for subscriptions.
Musk, who took ownership of payment in Doge?
This article includes reporting from the Associated Press.