When President Donald Trump won the 2024 election last November, it didn't take long to make "DOGE" a priority in the White House. That is, the Elon Musk-led Department of Government Efficiency, which Trump announced on Nov. 12, 2024, and later made official on Jan. 20, 2025, following his inauguration.
The Nov. 12 announcement led to a spike in Dogecoin's price to a high of just above $0.47 and helped push the token's market cap past $60 billion. Heading into Election Day on Nov. 5, the token traded around $0.15.
Musk had been vocal about the need for deregulation and the need for a "DOGE" over the past year. He is a well-known fan of the Dogecoin meme, and his social media posts helped push doge to all-time highs around $0.73 in 2021. The logo of the Musk-supported memecoin even appeared on the official website of the Department of Government Efficiency last month.
The recent enthusiasm, however, appears to have tapered off. Dogecoin is down over 40% over the past three months and trades around $0.207 at publication time, according to The Block's DOGE price data. It is still one of the top 10 largest cryptocurrencies by market cap, which sits at around $30.6 billion.
The department was created "to implement the President’s DOGE Agenda, by modernizing Federal technology and software to maximize governmental efficiency and productivity," according to President Trump's executive order. The DOGE website claims a total estimated savings of $65 billion as of Feb. 24.
Dogecoin, for its part, could see some positive news in 2025 as firms gear up for more altcoin exchanged-traded funds. Bitwise filed an S-1 registration with the SEC for a Dogecoin ETF on Jan. 28, and Grayscale Investments launched the Dogecoin Trust.
While some warn that an influx of speculative crypto ETFs could damage the industry’s reputation, Bloomberg analysts estimate that Dogecoin products have a 75% chance of approval this year.
Also of note, the stock price of Musk's Tesla is down 30% from post-election highs, and sales numbers for its electric vehicles are down significantly worldwide as both stock pickers and consumers appear to have cooled on Musk's relationship with President Trump. They appeared together for a Fox News interview on Feb. 18 with Sean Hannity.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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