Current:Home > InvestDogecoin soars after Trump's Elon Musk announcement: What to know about the cryptocurrency-LoTradeCoin
Dogecoin soars after Trump's Elon Musk announcement: What to know about the cryptocurrency
View Date:2024-12-23 11:14:26
Dogecoin, the meme cryptocurrency often associated with Elon Musk, soared in value after President-elect Donald Trump greenlit the tech billionaire's ideas for a new executive department by a similar name.
Trump announced Musk, the world's richest person according to Forbes, will lead the new Department of Government Efficiency or DOGE, alongside Vivek Ramaswamy, a billionaire who ran against Trump in the Republican primary but dropped out to endorse him. Both were adamant supporters of the former president during his reelection campaign.
"This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!" Musk said in a statement Tuesday.
Musk joined Trump for a meeting with the House Republican conference in the nation's Capitol Wednesday. That meeting came after the Tesla and SpaceX CEO got $50 billion richer due to a rise in stock prices following Trump's victory last week, according to Forbes. It also comes after he spent time in Palm Beach, Florida, where Trump has been assembling his second administration from his Mar-a-Lago residence.
More:Trump taps Elon Musk, Vivek Ramaswamy to lead new 'Department of Government Efficiency'
What is Trump's vision for DOGE?
The president elect has said little about how exactly the new government department plans to cut potentially trillions in government spending. However in a statement Tuesday, Trump said it will work to restructure government agencies as well as cut regulation and waste.
"To drive this kind of drastic change," Trump said, Musk and Ramaswamy will partner with the White House and Office of Management and Budget to achieve something Republicans have dreamed about for a long time. The president elect added the department will make large-scale structural reforms and add an entrepreneurial approach to government "never seen before."
He gave Musk and Ramaswamy a deadline of July, 4, 2026, the 250th anniversary of the Declaration of Independence, to reach these goals. Trump suggested the initiative could result in innovation on par with The Manhattan Project, the top-secret government program responsible for developing the first atomic bombs.
"A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America," Trump said in the statement.
What is Dogecoin and how is it related to DOGE?
Dogecoin increased in price and valuation in the day since Trump's announcement and was trading at about 40 cents as of Wednesday afternoon, according to CoinMarketCap.
The meme coin was initially created in 2013 to mock other cryptocurrencies but became one of the largest and reportedly Musk's favorite.
Musk has long been a supporter of the cryptocurrency and affirmed in 2022 that he will "keep supporting Dogecoin." In a conversation earlier this year posted to X, a social media platform he purchased two years ago, Musk confirmed he still owned "a bunch" of Dogecoin. If he still holds a lot of the coin, he is poised to benefit monetarily from the boost it received following Trump's announcement Tuesday.
Musk has hyped up "DOGE" on X in the hours since, posting AI-generated images and memes including the coin's Shiba Inu dog mascot.
Musk also suggested he would like to sell merchandise promoting the new department and coin in a separate post.
On Wednesday afternoon, CoinMarketCap reported Dogecoin had a market capitalization of nearly $58 billion.
Reach Rachel Barber at [email protected] and follow her on X @rachelbarber_
veryGood! (42)
Related
- Georgia's humbling loss to Mississippi leads college football winners and losers for Week 11
- Warming Trends: A Catastrophe for Monarchs, ‘Science Moms’ and Greta’s Cheeky Farewell to Trump
- Trump May Approve Strip Mining on Tennessee’s Protected Cumberland Plateau
- Seaweed blob headed to Florida that smells like rotten eggs shrinks beyond expectation
- Moana 2 Star Dwayne Johnson Shares the Empowering Message Film Sends to Young Girls
- Warmer California Winters May Fuel Grapevine-Killing Pierce’s Disease
- Elite runner makes wrong turn just before finish line, costing her $10,000 top prize
- Floods and Climate Change
- Full House Star Dave Coulier Shares Stage 3 Non-Hodgkin's Lymphoma Diagnosis
- America’s Energy Future: What the Government Misses in Its Energy Outlook and Why It Matters
Ranking
- Beyoncé nominated for album of the year at Grammys — again. Will she finally win?
- America’s Energy Future: What the Government Misses in Its Energy Outlook and Why It Matters
- The Bonds Between People and Animals
- The Resistance: In the President’s Relentless War on Climate Science, They Fought Back
- Groups seek a new hearing on a Mississippi mail-in ballot lawsuit
- Rural Jobs: A Big Reason Midwest Should Love Clean Energy
- From Pose to Queer as Folk, Here Are Best LGBTQ+ Shows of All Time
- Floods and Climate Change
Recommendation
-
Caitlin Clark has one goal for her LPGA pro-am debut: Don't hit anyone with a golf ball
-
Nordstrom Rack Has Up to 80% Off Deals on Summer Sandals From Vince Camuto, Dolce Vita & More
-
Megan Fox Fires Back at Claim She Forces Her Kids to Wear Girls' Clothes
-
ESPN Director Kyle Brown Dead at 42 After Suffering Medical Emergency
-
GM recalling big pickups and SUVs because the rear wheels can lock up, increasing risk of a crash
-
Man found dead in car with 2 flat tires at Death Valley National Park amid extreme heat
-
Marathon Reaches Deal with Investors on Human Rights. Standing Rock Hoped for More.
-
Crossing the Line: A Scientist’s Road From Neutrality to Activism