(24-hour Dogecoin price trend)

Dogecoin Surges on News of Potential Government Efficiency Role

November 20, 2024

As of 3 PM EST on November 20, 2024, Dogecoin (DOGE) is trading at $0.38791952385535, representing a 24-hour trading volume of $12,028,411,041.909. The price of Dogecoin has fluctuated significantly in recent days, but has gained -0.37792447% in the past 24 hours.

The current circulating supply of Dogecoin is 146,866,036,383.71, with a maximum supply and total supply both unknown. The circulating market capitalization of Dogecoin stands at $56,972,202,904.489.

In recent news, President-elect Donald Trump has named Elon Musk and Vivek Ramaswamy to lead the newly created Department of Government Efficiency (DGE). The DGE is expected to focus on streamlining government processes and reducing bureaucratic red tape.

Trump's decision to tap Musk and Ramaswamy, both of whom are known for their support of Dogecoin, has sparked speculation that the cryptocurrency could play a role in the new administration's plans for government efficiency. Specifically, some analysts believe that DOGE could be integrated into tax filing systems to simplify the process and reduce fraud.

While it is too early to say definitively whether Dogecoin will be officially used by the DGE, the news of Trump's decision has nonetheless had a positive impact on the cryptocurrency's price. Investors are hopeful that the potential support of the federal government could further boost the adoption and value of DOGE.