Bull doge! Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been racing higher in value since Donald Trump won the presidential election last week. It got another bump 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 nearly 38 cents, as of Wednesday afternoon, according to CoinDesk. It briefly got above 43 cents earlier Wednesday.
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