Current:Home > NewsWhat is ‘Doge’? Explaining the meme and cryptocurrency after Elon Musk's appointment to D.O.G.E. -Wealth Legacy Solutions
What is ‘Doge’? Explaining the meme and cryptocurrency after Elon Musk's appointment to D.O.G.E.
View
Date:2025-04-12 19:59:24
Elon Musk is taking Doge to the White House, but not as cryptocurrency or an internet meme.
Instead, the Tesla CEO, SpaceX founder and billionaire is set to co-lead a new department with an acronym of the same name: the Department of Government Efficiency, or D.O.G.E.
Dogecoin became a phenomenon in 2021, with Musk and other prominent figures and celebrities endorsing the cryptocurrency. The "memecoin" became so popular that its market value rose to $45 billion in April 2021.
Musk was one of the coin's biggest supporters, so much so that in 2023 he even temporarily changed the logo on X, formerly known as Twitter, to the Doge dog logo, triggering a spike in Dogecoin value.
Doge memes could return in 2025 when President-elect Donald Trump takes office after he tapped Musk and entrepreneur Vivek Ramaswamy to lead the Department of Government Efficiency.
Invest wisely: Best online brokers
"Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies - Essential to the 'Save America' Movement," according to a statement by Trump shared on Musk's X page on Tuesday.
Trump's announcement even led to a continued increase of Dogecoin's value on Tuesday night, with the cryptocurrency having risen more than 150% since Election Day.
Here is what to know about Doge (the meme), Dogecoin (the cryptocurrency), and DOGE (the newly established department).
Doge, the meme
The Doge meme became popular online in the early 2010s, according to Know Your Meme. Internet users circulated zoomed-in photos of the dog's face with his eyebrows raised.
Kabosu, the Japanese dog famously known as the subject of the meme, was a Shiba Inu who lived to 18 years old before his death earlier this year.
Kabosu:Memeified dog widely known as face of Dogecoin has died, owner says
Doge, the coin
Created by software engineers Billy Markus and Jackson Palmer as a joke in 2013, Dogecoin became one of the most popular "meme stocks" amid a boom in retail trading during the COVID-19 pandemic. GameStop, AMC and other seemingly forgotten stocks rose around the same time Dogecoin gained steam.
GameStop took Wall Street by storm in January 2021 after Roaring Kitty and other small-pocket investors on Reddit contributed to a historic short squeeze that drove stock prices high. Similarly to GameStop, Dogecoin's popularity stemmed from celebrity endorsements, memes and GIFs.
Snoop Dogg, Mark Cuban and many others hopped on the Dogecoin bandwagon, but none of them compared to Musk's love for the cryptocurrency. Musk was even accused of insider trading by investors in June 2023 because of the series of stunts he pulled, including changing the logo of Twitter to Doge's logo and Tesla announcing that it would accept the currency as a means of payment for the company's merchandise, the Guardian previously reported.
Musk and Tesla won the dismissal of the $258 billion federal lawsuit on this past August after the court deemed he did not defraud investors by hyping up Dogecoin or conduct insider trading, according to Reuters.
DOGE, the newly formed 'Department of Government Efficiency'
Musk is quoted in Trump's statement saying the Department of Government Efficiency will "send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!"
According to Trump, DOGE will provide advice and guidance from outside of the government, and it will partner with the White House and the Office of Management and Budget to "drive large scale structural reform, and create an entrepreneurial approach to Government never seen before."
Additionally, Musk and Ramaswamy will be in charge of driving out what Trump's statement calls "massive waste and fraud" from government spending. The billionaires' work is expected to conclude no later than July 4, 2026, according to the president-elect.
It is unclear if DOGE will exist within the federal government or outside because an official government agency cannot be created without an act of Congress. Trump's description seemingly suggests the department would operate as an advisory commission − not a formal federal agency − with no statutory authority.
Contributing: Taylor Ardrey, Joey Garrison, Josh Meyer, Swapna Venugopal Ramaswamy, David Jackson, Jessica Menton, Craig Harris, Brett Molina, USA TODAY
veryGood! (425)
Related
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Biden administration provides $504 million to support 12 ‘tech hubs’ nationwide
- Melting of Alaska’s Juneau icefield accelerates, losing snow nearly 5 times faster than in the 1980s
- Andy Murray pulls out of Wimbledon singles competition, but will play doubles
- Why Sean "Diddy" Combs Is Being Given a Laptop in Jail Amid Witness Intimidation Fears
- Parole denied for Indigenous activist Leonard Peltier, who has spent most of his life in prison
- Team USA Olympic trial ratings show heightened interest for 2024 Games
- Supreme Court orders new look at social media laws in Texas and Florida
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Woman accused of killing husband, 8-year-old child before shooting herself in Louisiana
Ranking
- Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
- Man who confessed to killing parents, friends in Maine sentenced to life in prison
- Hurricane Beryl is a historic storm. Here's why.
- Caitlin Clark in action: How to watch Indiana Fever vs. Las Vegas Aces on Tuesday
- Don't let hackers fool you with a 'scam
- Small businesses could find filing for bankruptcy more difficult as government program expires
- Dutch king swears in a new government 7 months after far-right party won elections
- Highlights from Supreme Court term: Rulings on Trump, regulation, abortion, guns and homelessness
Recommendation
Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
You're Overdue for a Checkup With the House Cast Then and Now
Joseph Quinn still cringes over his 'stupid' interaction with Taylor Swift
New Sherri Papini documentary will showcase infamous kidnapping hoax 'in her own words'
The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
How do I advance my career to the executive level? Ask HR
Attorneys face deadline to wrap Jan. 6 prosecutions. That could slide if Trump wins
Hurricane Beryl rips through open waters after devastating the southeast Caribbean