The price of the Dogecoin meme has increased by 20% after US President-elect Donald Trump announced the creation of the Department of Government Efficiency (DOGE). This is reported by CNBC.

The new department will be headed by Elon Musk and Vivek Ramaswamy, a former Republican presidential candidate and co-founder of Strive Asset Management.

Together, they will “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

By the way, Dogecoin is one of the biggest winners of the post-election rally, having grown by 153% compared to bitcoin, which grew by 30% over the same period. The peak price for the coin was $0.43, but it quickly fell and is now trading at $0.38.

dogecoin

Meme cryptocurrencies are seen as an indicator of retail interest and risk appetite in cryptocurrencies. When activity in the memecoin market increases, it usually indicates that retail investors are actively participating in it.

Dogecoin gained popularity in 2021 after a promotional tweet by Elon Musk. In May of the same year, Musk’s posts helped Dogecoin’s price rise to an all-time high of 67 cents. But later, Elon Musk said on Saturday Night Live that Dogecoin was a scam, which led to the collapse of the coin’s price.