NEW YORK (AP) 鈥� Wow, much bull market.
Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like 鈥渕uch wow,鈥� has been surging in value since Donald Trump won the presidential election last week. It's hitting the afterburners now, after Trump named Tesla's Elon Musk as one of the heads of a new which is not a government agency but does have the acronym DOGE.
All this makes sense and is maybe humorous for anyone who鈥檚 chronically online. For others, here's some explanation about what's going on:
What is dogecoin?
It's a cryptocurrency, whose value rises and falls against the U.S. dollar based on however much people will pay for it.
At first, it was seen as a joke. But over time, dogecoin has amassed a group of fans who have periodically sent its price soaring. Like other cryptocurrencies, supporters say it could be used to buy and sell things on the internet without having to worry about a central bank or government affecting how many are in circulation.
How much has dogecoin climbed?
One dogecoin 鈥� which is pronounced dohj-coin 鈥� was worth less than 16 cents just before Election Day. It's since more than doubled to roughly 41.5 cents, as of midday Wednesday, according to CoinDesk.
Why is it climbing so much?
since Trump's election. Bitcoin, which is the most famous digital currency, has set an all-time high above $92,000 after starting the year below $43,000.
Excitement is racing because Trump has and said he wants the United States to be the 鈥渃rypto capital of the planet鈥� and create a bitcoin 鈥渟trategic reserve.鈥�
What does Elon Musk have to do with any of this?
Musk has become one of Trump's close allies. He's also been one of the most famous fans of dogecoin. In 2021, Musk played a character on 鈥淪aturday Night Live鈥� who went by the nickname, the 鈥淒ogefather.鈥�
In 2022, Musk made more headlines when he suggested for subscriptions.
It all came to a head Tuesday, when Trump announced the 鈥淒epartment of Government Efficiency,鈥� which will work from outside the government to offer the White House 鈥渁dvice and guidance鈥� and will partner with the Office of Management and Budget to 鈥渄rive large scale structural reform, and create an entrepreneurial approach to Government never seen before.鈥�
It has the acronym DOGE, which is also the ticker symbol under which dogecoin trades. Musk will lead it, along with former GOP presidential candidate Vivek Ramaswamy.
This all sounds weird.
Dogecoin's history is interesting.
In 2021, on April 20, dogecoin fans tried but failed to get its value above $1 on what they were calling
April 20 has long been an unofficial holiday for marijuana devotees, and Musk himself has referred to 420 several times in his career, including his tweet in 2018 saying he had secured funding to take Tesla private at a price of .
Is the Shiba Inu whose picture is in the meme getting special treats because of all this?
Sadly, no. The dog, whose real name was Kabosu, earlier this year at 18 years old. Much rest, may she have.
Stan Choe, The Associated Press
