D.O.G.E. Token Inspired by Elon Musk's Joke Sees Remarkable 291% Weekly Price Increase
- Linda HamiltonOriginal
- 2024-11-09 06:52:23421browse
The Department of Government Efficiency (D.O.G.E.) token, an Ethereum-based cryptocurrency inspired by Elon Musk's comments about a hypothetical government agency, has seen remarkable price movement in the past week.
A cryptocurrency inspired by Elon Musk’s jest about a Department of Government Efficiency (D.O.G.E.) agency has seen remarkable price movement in the past week, outpacing its namesake inspiration, Dogecoin.
Data from CoinGecko shows that D.O.G.E. token prices increased by 75% in just 24 hours, reaching $0.163. This surge contributes to an impressive weekly gain of 291%.
Created in August 2024 after Musk joked about the D.O.G.E. agency, the token has shown strong market performance, increasing by over 1,400%. It currently has a market capitalization of $161 million.
Meanwhile, Dogecoin also experienced gains on Election Day, reaching $0.21, marking its highest price point in seven months. This surge helped Dogecoin overtake XRP to become the seventh-largest cryptocurrency by market capitalization, with a total value of $30 billion.
Both tokens have seen their trading activity closely tied to Elon Musk’s public appearances and social media activity. In September, when former President Trump shared one of Musk’s posts about the fictional agency, both tokens saw immediate price increases.
A key moment came during Musk’s appearance at a Trump rally at Madison Square Garden in New York last month. After Musk discussed his plans for the D.O.G.E. agency, the token reached a new all-time high price. Dogecoin responded with a 12% increase, reaching approximately $0.16.
The relationship between political events and token prices became even more apparent on Election Day, when Musk appeared alongside Trump. Following this appearance, D.O.G.E. token prices surged by about 250%, while Dogecoin gained 17%.
Trading volume for the D.O.G.E. token has also seen substantial increases. Recent data shows 24-hour trading volume of $41.4 million, representing a 192% increase from the previous day.
The token maintains a fixed supply of 1 billion tokens, with all tokens currently in circulation. Popular trading platforms for D.O.G.E. include XT.COM, where the DOGE/USDT trading pair shows the highest activity.
Price history shows that D.O.G.E. reached its all-time high of $0.1923 on November 8, 2024. This marks a dramatic increase from its all-time low of $0.00009953, recorded on September 2, 2024.
For traders and investors tracking the token, it’s available on both centralized and decentralized exchanges. The most active trading occurs on XT.COM, with additional trading options available on platforms like AscendEX and Raydium.
The token can be added to popular crypto wallets like MetaMask using its contract address: 0x1121acc14c63f3c872bfca497d10926a6098aac5.
Recent market data indicates that D.O.G.E. is outperforming both the global cryptocurrency market and other Ethereum ecosystem tokens. While the broader crypto market showed a 10.9% increase, and Ethereum ecosystem tokens rose by 12.7%, D.O.G.E.’s weekly gain of 290.6% stands out notably.
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