The Department of Government Efficiency (D.O.G.E.), an Ethereum meme coin inspired by Elon Musk’s proposed U.S. government office with the same name, has seen its price double, surpassing the popular Dogecoin (DOGE) during its own impressive run.
According to CoinGecko, the D.O.G.E. token has surged approximately 75% in the past 24 hours, reaching $0.163. In comparison, Dogecoin’s price has remained relatively flat during the same period, currently standing above $0.19. However, Dogecoin has experienced a 75% increase over the past 30 days.
Data from CoinGecko reveals that since its launch in August, D.O.G.E.’s price has skyrocketed by over 1,400%. At the time of writing, the token holds a market capitalization of $161 million.
While D.O.G.E. has outperformed Dogecoin significantly in the last day, both tokens have experienced multiple surges in recent months. The rallies of these tokens since August can largely be attributed to various public comments and appearances by Elon Musk related to D.O.G.E.
Elon Musk, the CEO of Tesla and SpaceX, has long been associated with Dogecoin, often expressing his admiration for the coin and frequently influencing its price with his tweets and public appearances. Many other meme coins have also drawn inspiration from Musk, his life, and his companies, with D.O.G.E. being one of the more recent examples.
Musk and the D.O.G.E. token
In August, Elon Musk jokingly mentioned on Twitter that he would establish a U.S. government office named Department of Government Efficiency (D.O.G.E.) in a hypothetical second administration under Trump.
His tweets sparked the creation of the D.O.G.E. meme coin later that month. Astute crypto traders noticed that the acronym for the office, D.O.G.E., matched Dogecoin’s ticker, leading to a significant surge in the price of the original meme coin.
In September, Trump retweeted one of Musk’s posts about the fictional agency, along with an image of Musk as the leader of D.O.G.E., resulting in a price increase for both tokens.
Apart from online exchanges, Musk has also made several in-person appearances in support of Trump, which have sustained market momentum for both D.O.G.E. and Dogecoin.
Last month, Musk discussed his plans for the D.O.G.E. agency at a Trump rally held at Madison Square Garden in New York. Shortly after the event, the D.O.G.E. meme coin reached a new all-time high price and has continued to climb since then. Meanwhile, Dogecoin’s price increased by 12% after the rally, peaking at around $0.16.
Musk also appeared alongside President-elect Donald Trump on Election Day, causing both tokens’ prices to rise as the former U.S. leader secured a second term.
Since Election Day, D.O.G.E. has surged by approximately 250% according to CoinGecko, while Dogecoin has increased by about 17% since Tuesday.