Dogecoin Value Skyrockets After Trump Announces Group Nicknamed DOGE [Video]

The value of Dogecoin, a cryptocurrency known for its Shiba Inu mascot, has skyrocketed after President-elect Donald Trump announced a new Department of Government Efficiency nicknamed DOGE.

Trump’s proposed federal cost-cutting group is set to be headed by billionaire Elon Musk and entrepreneur Vivek Ramaswamy, who ran against Trump in the 2024 Republican presidential primary.

DOGE will work outside the government and will partner with the White House and the Office of Management and Budget (OMB) to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.”

Trump said that Musk and Ramaswamy will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

How Much Is Dogecoin Worth?

One Dogecoin, pronounced dohj-coin, is worth about 41.5 cents as of midday Wednesday, according to CoinDesk, an information hub on cryptocurrency.

While this is literally pennies in the investment world, it is over double the less than 16 …