Dogecoin Trade Goes From Meme to Reality as Donald Trump Confirms D.O.G.E

Election 2024 coverage presented by
A frenzied narrative that boosted dogecoin (DOGE) prices over 500% turned to reality on Tuesday — showcasing how memetic bets could be a strong trading thesis.
President-elect Donald Trump announced Tuesday that it had picked Vivek Ramaswamy and technology entrepreneur Elon Musk to lead a new Department of Government Efficiency (DOGE) that seeks to make government spending and administration more efficient.
The duo will work from outside the government to offer advice and guidance to drive large-scale structural reform and create an “entrepreneurial approach to Government never seen before.”
“Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies — essential to the ‘save America’ movement,” Trump said in the announcement posted on his Truth Social account.
Musk and Ramaswamy will work until July 4, 2026, on the project, Trump said.
In an X post, Musk said that all Department of Government Efficiency actions will be posted online for maximum transparency.
“Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know,” Musk said. “We will also have a leaderboard for most insanely dumb spending of your tax dollars. This will be both extremely tragic and extremely entertaining.”
A CoinDesk analysis flagged in mid-October about DOGE trade gaining interest among investors for its memetic nature, and that there could be more chatter of “DOGE” in mainstream media and retail trading circles that fuels attention and interest in the token.
DOGE prices are up nearly 250% in the past 30 days, reaching 2021 levels on Tuesday with traders now eyeing the $1 mark as a long-term price target.
Edited by Omkar Godbole.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.