Elon Musk-Inspired DOGE Meme Coin Skyrockets, Surpassing Dogecoin’s Gains

Department of Government Efficiency (DOGE) – a Ethereum meme coin inspired by Elon Musk’s proposed US government office of the same name – has doubled in price, surpassing the billionaire’s beloved Dogecoin (DOGE) in the midst of his own hot streak.

The DOGE token rose about 75% to $0.163 in the last 24 hours, according to to CoinGecko. For comparison, the price of Dogecoin is almost flat during the same period at a current price of over $0.19, although Dogecoin is up 75% in the past 30 days.

Since its inception in August, DOGE’s price has risen more than 1,400%, CoinGecko data shows. The token has a market capitalization of $161 million at the time of writing.

Although DOGE has far outperformed Dogecoin in the past day, both tokens have been pumped several times in recent months. The tokens’ rallies since August have been largely due to a host of DOGE-related public comments and appearances by Elon Musk.

The CEO of Tesla and SpaceX has long been associated with Dogecoin, he himself stated a big fan of the coin and regularly increasing the price of the token with his tweets and appearances. Many other meme coins have since been inspired by Musk, his life and his companies, with the DOGE token being just one of the more recent examples.

Musk and DOGE

In August, Elon Musk joked online that he would head a US government office called the Department of Government Efficiency (DOGE) under Trump’s future second administration.

Are messages on Twitter (also known as X) inspired the creation of the DOGE meme coin later that month. Keen-eyed crypto traders noticed that the firm’s acronym DOGE matched Dogecoin’s ticker, which caused the price of the OG meme coin to skyrocket.

In September, Trump retweeted one of Musk’s posts about the fictional agency, along with an image of the Tesla founder as DOGE leader, which preceded the increases in the prices of both tokens.

In addition to this wave of online exchanges, Musk has also made several personal appearances in support of Trump, which have maintained market momentum for both tokens.

Last month, Musk spoke about his DOGE agency plans at a Trump rally at Madison Square Garden in New York. Shortly after his appearance at the event, the DOGE meme coin rose to a new all-time high, and has only continued to rise since. Meanwhile, Dogecoin’s price rose 12% after the rally, peaking at around $0.16 at that time.

Musk also appeared alongside newly elected President Donald Trump on Election Day, sending prices of both tokens soaring as the former US leader secured a second term.

DOGE is up about 250% since Election Day, CoinGecko data shows, while Dogecoin is up about 17% since Tuesday.

Edited by Andrew Hayward