Dogecoin had a comparatively quiet 2023, but when Musk endorsed Republican Donald Trump's bid for president, the parody coin has skyrocketed in recent months.
That's primarily because Musk said that the Department of Government Efficiency—an acronym that corresponds to Dogecoin's ticker—would be the name of the government efficiency commission he would chair before Trump was reelected.
Dogecoin's price surged whenever Musk alluded to his potential political participation with the so-called DOGE prior to the election.
Prior to Trump's presidential victory, however, Musk made public what he likely already believed: that he has no real interest in or involvement with Bitcoin, Dogecoin, or any other cryptocurrency. All he enjoys is the meme coin.