NEW YORK – The cryptocurrency known as Dogecoin, featuring a light-hearted dog mascot, has seen a remarkable increase in value following Donald Trump’s recent reelection. The momentum intensified after Trump appointed Elon Musk, the CEO of Tesla, to oversee a new initiative referred to as the “Department of Government Efficiency,” which humorously carries the acronym DOGE.

For those who may not be up to speed, here’s what you need to know:

Dogecoin is a form of cryptocurrency, meaning its worth fluctuates against the U.S. dollar based on market demand. Initially perceived as a lighthearted joke, this digital currency has developed a dedicated following that occasionally spikes its price. Like other cryptocurrencies, advocates argue that it offers a decentralized way to buy and sell online, free from government regulation.

So, just how much has Dogecoin appreciated lately? Before the election, one Dogecoin (pronounced dohj-coin) was valued at below 16 cents. However, it has surged to around 41.5 cents, marking a more than twofold increase, as per midday reports from CoinDesk.

The rising tide of cryptocurrencies comes after Trump’s election win, with the entire market experiencing significant gains. Bitcoin, the most prominent digital coin, reached a new pinnacle, exceeding $92,000, having begun the year at just under $43,000. Investment enthusiasm was heightened as Trump expressed his commitment to making the U.S. the “crypto capital of the planet” and the idea of establishing a bitcoin “strategic reserve.”

Elon Musk plays a pivotal role in this scenario. He has emerged as a close confidant of Trump and is also recognized as a prominent supporter of Dogecoin. In 2021, he notably appeared on “Saturday Night Live,” portraying a character dubbed the “Dogefather.” Musk further sparked interest in Dogecoin by suggesting that Twitter might accept it as a payment option for subscriptions.

The latest news came on Tuesday, when Trump unveiled the “Department of Government Efficiency.” This entity aims to operate outside the traditional government structure to provide the White House with innovative guidance. It will collaborate with the Office of Management and Budget to initiate substantial reforms intended to foster a more entrepreneurial governmental approach. The naming of the department follows an amusing coincidence, as DOGE not only stands for “Department of Government Efficiency” but also represents the trading ticker symbol for Dogecoin. Musk will partner in leading this initiative alongside Vivek Ramaswamy, a former Republican presidential candidate.

Isn’t it all a bit unusual? Dogecoin’s journey is quite interesting. In April 2021, fans of Dogecoin attempted to push its value beyond $1, dubbing the day “Doge Day,” although they fell short. This specific date, April 20, is often celebrated by cannabis enthusiasts, a coincidence Musk has acknowledged through his numerous references to “420,” including a now-infamous tweet regarding Tesla’s funding.

And what about the Shiba Inu behind the meme? Regrettably, the beloved dog, known as Kabosu, passed away earlier this year in Japan at 18 years old. Here’s to hoping she finds peace in her rest.