Current:Home > MyBull doge! Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE -Keystone Capital Education
Bull doge! Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
View
Date:2025-04-11 12:19:25
Follow AP’s coverage of the election and what happens next.
NEW YORK (AP) — Wow, much bull market.
Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been surging in value since Donald Trump won the presidential election last week. It’s hitting the afterburners now, after Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE.
All this makes sense and is maybe humorous for anyone who’s chronically online. For others, here’s some explanation about what’s going on:
What is dogecoin?
It’s a cryptocurrency, whose value rises and falls against the U.S. dollar based on however much people will pay for it.
At first, it was seen as a joke. But over time, dogecoin has amassed a group of fans who have periodically sent its price soaring. Like other cryptocurrencies, supporters say it could be used to buy and sell things on the internet without having to worry about a central bank or government affecting how many are in circulation.
How much has dogecoin climbed?
One dogecoin — which is pronounced dohj-coin — was worth less than 16 cents just before Election Day. It’s since more than doubled to roughly 41.5 cents, as of midday Wednesday, according to CoinDesk.
Why is it climbing so much?
Cryptocurrencies have generally been shooting higher since Trump’s election. Bitcoin, which is the most famous digital currency, has set an all-time high above $92,000 after starting the year below $43,000.
Excitement is racing because Trump has embraced crypto and said he wants the United States to be the “crypto capital of the planet” and create a bitcoin “strategic reserve.”
What does Elon Musk have to do with any of this?
Musk has become one of Trump’s close allies. He’s also been one of the most famous fans of dogecoin. In 2021, Musk played a character on “Saturday Night Live” who went by the nickname, the “Dogefather.”
In 2022, Musk made more headlines when he suggested Twitter should perhaps accept dogecoin as payment for subscriptions.
It all came to a head Tuesday, when Trump announced the “Department of Government Efficiency,” which will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.”
It has the acronym DOGE, which is also the ticker symbol under which dogecoin trades. Musk will lead it, along with former GOP presidential candidate Vivek Ramaswamy.
This all sounds weird.
Dogecoin’s history is interesting.
In 2021, on April 20, dogecoin fans tried but failed to get its value above $1 on what they were calling “Doge Day.”
April 20 has long been an unofficial holiday for marijuana devotees, and Musk himself has referred to 420 several times in his career, including his tweet in 2018 saying he had secured funding to take Tesla private at a price of $420 per share.
Is the Shiba Inu whose picture is in the meme getting special treats because of all this?
Sadly, no. The dog, whose real name was Kabosu, passed away in Japan earlier this year at 18 years old. Much rest, may she have.
veryGood! (6)
Related
- Toyota to invest $922 million to build a new paint facility at its Kentucky complex
- Major agricultural firm sues California over farmworker unionization law
- Blinken says U.S. won't back Rafah incursion without credible plan to protect civilians
- A$AP Rocky Shares Rare Photos of Him and Rihanna With Their Kids for Son RZA’s Birthday
- Stamford Road collision sends motorcyclist flying; driver arrested
- New Mexico forges rule for treatment and reuse of oil-industry fracking water amid protests
- What is the safest laundry detergent? A guide to eco-friendly, non-toxic washing.
- Despite safety warnings, police departments continue misapplying restraint positions and techniques
- Former Syrian official arrested in California who oversaw prison charged with torture
- Supreme Court denies California’s appeal for immunity for COVID-19 deaths at San Quentin prison
Ranking
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- Keep an eye out for creeps: Hidden camera detectors and tips to keep up your sleeve
- Avalanche lose key playoff piece as Valeri Nichushkin suspended for at least six months
- The 'most important mentor' ever: Chris Edley, legal and education scholar, has died
- Arkansas State Police probe death of woman found after officer
- Bryan Olesen surprises with vulnerable Phil Collins cover on 'The Voice': 'We all loved it'
- Caitlin Clark's WNBA regular-season debut has arrived. Here's how to take it all in.
- Angelina Jolie & Brad Pitt's Daughter Vivienne Makes Rare TV Appearance
Recommendation
Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
Cannes set to unfurl against backdrop of war, protests and films
Bindi Irwin Shares How Daughter Grace Reminds Her of Late Dad Steve Irwin
Scrutiny still follows Boston Celtics, even if on brink of eliminating Cleveland Cavaliers
Average rate on 30
Uber driver accused of breaking into passenger's home, raping her, after dropping her off
Bill Discounting Climate Change in Florida’s Energy Policy Awaits DeSantis’ Approval
Proposed Minnesota Equal Rights Amendment draws rival crowds to Capitol for crucial votes