- Dogecoin (DOGE) soared to its highest price in over three years this week, reaching around $0.43, as tech CEO Elon Musk defended the asset’s tokenomics.
- Other dog-themed meme coins on Solana and Ethereum, such as Shiba Inu (SHIB), Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI), have also seen significant price gains, jumping on token listings and broader crypto hype.
- The exposure from President-elect Donald Trump’s appointment of Musk and Vivek Ramaswamy to lead a “Department of Government Efficiency” (DOGE) has benefited an unaffiliated Dogecoin-inspired project, contributing to the meme coin frenzy.
Dogecoin isn’t the only dog in town when it comes to red-hot crypto coins. While the meme coin fetched its highest price in more than three years this week, rising to about 0.43 as tech CEO Elon Musk defended the asset’s tokenomics, a cadre of canine-themed contemporaries have meanwhile jockeyed for pack position.
Shiba Inu and Other Dog Coins Gain
Resembling Dogecoin’s 100% leap over the past week to a current price of nearly 0.40 as of this writing, dog-themed meme coins on Solana and Ethereum have jumped as animal spirits run relatively rampant following President-elect Donald Trump’s White House victory and Musk-led embrace.
Launched last November, the once-obscure token Shiba Inu (SHIB) hit an all-time high price of 4.83 in March amid an industry-wide bout of meme coin mania. The token, which trades on little more than vibes, has jumped 71% over the past week to 0.40 after crypto exchange Coinbase listed the token.
Not long before the meme coin Bonk (BONK) got its own listing bump as Binance.US said traders could access the token on its platform for American users. Billed as the social layer of Solana, the token’s price has similarly increased 71% in price over the past week to 0.000038.
Another Ethereum-based dog coin has posted nearly as sizable gains however, as Floki (FLOKI)—inspired by Musk’s own pup of the same name—is up 64% on the week to a current price of 0.000023.
Musk Embraces Dogecoin
Appointing Musk and entrepreneur Vivek Ramaswamy to lead a so-called Department of Government Efficiency, also known as DOGE, earlier this week, the president-elect has featured DOGE in press releases and t-shirts available for sale. The exposure has benefited an unaffiliated project that leans heavily into Musk’s pitch alongside a dash of crypto lingo.
The project’s tokens launched on Ethereum and Solana days after Musk said he was willing to serve in Trump’s name have respectively climbed 334% and 326% over the past week. With current market caps well below Dogecoin’s $58 billion however, they could perhaps be considered mere puppies in the meme coin world.
Conclusion
Our mission is to decentralize the narrative around government spending, a website for a meme coin called the Department of Government Efficiency claims. Among memes, as well as merch that’s coming soon, the project also features pages tracking government debt and spending.
