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Associated Press

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 is 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 is a cryptocurrency, whose value rises and falls against the US 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 has since more than doubled to nearly 38 cents, as of Wednesday afternoon, according to CoinDesk. It briefly got above 43 cents earlier on Wednesday.
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 US$92,000 after starting the year below US$43,000.
Excitement is racing because Trump has embraced cryptocurrency and said he wants the United States to be the “crypto capital of the planet” and create a bitcoin “strategic reserve”.
What does 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 on 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 Republican 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 US$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 US$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, died in Japan earlier this year at 18 years old. Much rest, may she have.


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Dogecoin soars as Trump names Elon Musk to head new DOGE efficiency department

Dogecoin was seen as a joke at first, but has since amassed a group of fans who have periodically sent its price soaring. Photo: Shutterstock

Tesla CEO Elon Musk speaks on stage as he joins Donald Trump during a campaign rally in Butler, Pennsylvania, in October. Photo: AFP

Atsuko Sato and her dog Kabosu meet kindergarten pupils in Narita, Japan, in March. Photo: AFP

Italian president tells Elon Musk to quit meddling in Italy’s domestic politics

Italian President Sergio Mattarella consistently tops opinion polls as the most respected leader in Italy. Photo: AP

Elon Musk presents Italy’s President Giorgia Meloni with an award during the Global Citizen Awards. Photo: AP

Trump rewards Elon Musk with leading role in new ‘Department of Government Efficiency’

Elon Musk at a rally for Donald Trump in New York, in October. Photo: AFP

Donald Trump and Vivek Ramaswamy. File photo: AFP

Trump’s China dealings will lean on billionaires like Elon Musk for backchannels: analysts

Tesla CEO and X owner Elon Musk speaks during a rally for Donald Trump in Butler, Pennsylvania, on October 5, 2024. Photo: Reuters

Elon Musk’s extensive investments in China are thought to give him considerable stature. Photo: Reuters

Chinese Vice-Premier He Lifeng (right) meets Blackstone chairman Stephen Schwarzman in Beijing on March 25, 2024. Photo: Xinhua

Linda McMahon, former head of the Small Business Administration, speaks at the Republican National Convention in Milwaukee, Wisconsin, on July 18, 2024. Photo: Reuters

VIce-President-elect J.D. Vance (right) with Trump, is not expected to be a point person on China dialogue in the new administration. Photo: Getty Images/TNS

Don Trump Jnr arrives to speak at a rally for his father in Reading, Pennsylvania, on November 4, 2024. Photo: AFP

Elon Musk’s PAC ‘spent an estimated US$200 million’ to help elect Trump

Elon Musk at an America PAC town hall in Lancaster, Pennsylvania on October 10. Photo: TNS

Elon Musk at a campaign rally for Donald Trump on October 5. Photo: Reuters

Japanese dog who inspired ‘Dogecoin’ meme, beloved by Elon Musk, has died

The Japanese dog that inspired the ‘Dogecoin’ cryptocurrency has passed away. Photo: Shutterstock

Atsuko Sato with Kabosu, best known as the logo of cryptocurrency Dogecoin, playing with students at a kindergarten in Narita, Chiba prefecture, east of Tokyo. Photo: AFP

Kabosu’s photo inspired a generation of oddball online jokes and the US$23-billion Dogecoin cryptocurrency. Photo: AFP

Kabosu, best known as the logo of cryptocurrency Dogecoin, has passed away. Photo: AFP

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‘Dogefather’ Musk is a long-time fan of the cryptocurrency with the canine mascot, and a staunch backer of the US president-elect


‘Dogefather’ Musk is a long-time fan of the cryptocurrency with the canine mascot, and a staunch backer of the US president-elect.
