Department of Government Efficiency (D.O.G.E.)—an Ethereum meme coin inspired by Elon Musk's proposed U.S. government office of the same name—has doubled in price, outpacing the billionaire's beloved Dogecoin (DOGE) amid its own hot streak.
The D.O.G.E. token surged roughly 75% to $0.163 in the past 24 hours, according to CoinGecko. By comparison, Dogecoin's price is nearly flat during the same span at a current price above $0.19,, though Dogecoin is up by 75% over the last 30 days.
Since its inception in August, D.O.G.E.’s price has soared by more than 1,400%, CoinGecko data shows. The token has a market cap of $161 million at the time of writing.
Although D.O.G.E. is vastly outperforming Dogecoin in the last day, both tokens have pumped several times in recent months. The tokens’ rallies since August are largely attributable to a host of D.O.G.E.-related public comments and appearances from Elon Musk.
The Tesla and SpaceX CEO has long been associated with Dogecoin, declaring himself a big fan of the coin and frequently pumping the token’s price with his tweets and appearances. Many other meme coins, meanwhile, have been inspired by Musk, his life, and his companies, with the D.O.G.E. token just one of the more recent examples.
In August, Elon Musk quipped online that he would run a U.S. government office called Department of Government Efficiency (D.O.G.E.) under Trump's would-be second administration.
His posts on Twitter (aka X) inspired the creation of the D.O.G.E. meme coin later that month. Eagle-eyed crypto traders noted that the office's acronym D.O.G.E. matched Dogecoin's ticker, which sent the O.G. meme coin's price soaring.
In September, Trump retweeted one of Musk's posts about the fictional agency alongside an image of the Tesla founder as D.O.G.E. leader, which preceded run-ups in both tokens’ prices.
Beyond that spate of online exchanges, Musk has also made several in-person appearances in support of Trump that have sustained market momentum for both tokens.
Last month, Musk talked about his D.O.G.E. agency plans at a Trump rally at Madison Square Garden in New York. Shortly after his appearance at the event, the D.O.G.E. meme coin surged to a new all-time high price, and has only kept climbing since. Meanwhile, Dogecoin's price jumped 12% after the rally, peaking at roughly $0.16 at the time.
Musk also appeared alongside President-elect Donald Trump on Election Day, pushing up both tokens’ prices as the former U.S. leader secured a second term.
D.O.G.E. has surged by roughly 250% since Election Day, CoinGecko data shows, while Dogecoin is up about 17% since Tuesday.
Edited by Andrew Hayward
