DOGE Price Skyrockets As Trump Announces D.O.G.E.

Leading dog-themed cryptocurrency, Dogecoin (DOGE), has been the biggest winner of Donald Trump’s return to the White House, alongside Bitcoin (BTC). The memecoin has surged roughly 140% since November 5, the election day. 

DOGE Surges 15% In Under 24 Hours After Trump Announces D.O.G.E

On Wednesday, DOGE saw its price surge by an additional 15% after President-elect Trump officially announced plans to establish a Department of Government Efficiency (D.O.G.E), an initiative aimed at helping his administration cut government expenditures. In a statement on Truth Social, the 47th President said the organization will be led by Elon Musk and Vivek Ramaswamy, a biotech entrepreneur and former Republican presidential candidate who endorsed Trump. 

The acronym is a direct nod to the viral memecoin. 

The Department of Government Efficiency is not an official government agency, but an independent commission that will collaborate with the Office of Management and Budget (OMB) to reduce wasteful spending, restructure federal agencies, and cut down unnecessary regulations. 

The department has been given time until July 4, 2026, to eliminate at least $2 trillion in U.S. government spending. Trump described D.O.G.E as the “Manhattan Project” of modern governance that will drive large-scale structural reform and adopt an entrepreneurial approach that has never been seen in government operations before. 

Elon Musk’s Influence On Dogecoin (DOGE) Led To Its Remarkable Surge 

It was Musk’s appointment as the head of D.O.G.E that helped Dogecoin climb on Wednesday. This is not surprising, given the Tesla and SpaceX CEO’s enthusiasm for the memecoin. The world’s richest man, who has a reputation for sparking DOGE rallies by simply commenting about it on X, branded himself as the “Dogefather” in 2021 while announcing that he is ever-willing to fund the project’s development. 

After purchasing X, formerly Twitter, in late 2022, he briefly changed the logo to that of the cryptocurrency’s Shiba Inu mascot, helping increase its demand in the market.  

On Wednesday, the market capitalization of DOGE hit a peak of $63 billion, placing it above corporate giants like Ford, MetLife, and Norfolk Southern in valuation. Dogecoin is currently riding the post-election momentum, where the entire crypto community is expecting Trump to introduce friendlier regulations for the industry. 

In the one week since Trump was confirmed as the winner of the U.S. Presidential election, the price of DOGE surged from a low of $0.15 to a three-year high of $0.43. The memecoin even managed to tip Ripple (XRP) to become the sixth-largest cryptocurrency in the world by market capitalization. 

Sharp Rise In Wallets Holding Less Than 100,000 DOGE, Suggesting Increased Retail Investor Interest 

Meanwhile, on-chain data aggregator Satinment reported that there has been a sharp increase in the number of wallets containing less than 100,000 DOGE. The notable increase in smaller wallets comes in light of growing market optimism for Dogecoin, signaling a persistent surge in interest in the crypto asset among smaller investors. 

This is also proof of retail investors’ growing confidence in Dogecoin’s future price performance, fueled by improving market conditions. While smaller investors have been accumulating DOGE in tiny amounts, there was a decline in the number of whale wallets, suggesting a shift in large-scale investor behavior.

Over the past four weeks, 74,885 wallets with less than 100,000 DOGE as balance were created. Meanwhile, the number of whale wallets holding more than 100,000 DOGE has declined by 350 in the same period. 

This development could influence the meme coin’s price stability in the short term due to whales’ role in supporting price growth. However, over the past few days, about 108 whale wallets have returned to the Dogecoin network, contributing to its most recent rally above $0.40 for the first time since mid-2021. 

At the time of writing, Dogecoin (DOGE) is trading at  $0.3924 – up 6.26% in the last 24 hours. 

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