Key Points
- DOGE price surged significantly today, as Bitcoin nears its ATH.
- Earlier, Musk mentioned the Department of Government Efficiency’s upcoming justice hammer.
Today, Dogecoin (DOGE) recorded a significant price surge of around 11%, reaching $0.40. At the moment of writing this article, DOGE is trading close to $0.39, up by 7.7% in the last 24 hours.
Now, DOGE has a market cap of over $57.2 billion, after reaching $58.93 earlier today. The coin’s price rally coincided with Bitcoin’s surge near its previous ATH, reaching over $92,700 about an hour ago.
DOGE reached $0.4 today for the first time since November 14, after debuting the day around $0.37 levels.
DOGE‘s price rally continues to be fueled by multiple factors, including Elon Musk’s mentions about the Department of Government Efficiency via X.
Musk Mentioned DOGE on X Earlier Today
In a new post on X, Musk mentioned “the DOGE hammer”, referring to the upcoming justice that will be made via the Department of Government Efficiency, which he will lead together with Vivek Ramaswamy, as previously announced.
Musk revealed that according to new estimates, the US is getting scammed out of hundreds of billions of dollars and the upcoming DOGE cabinet will work to fix this.
The “DOGE hammer” refers to an older post that Musk shared on November 16, saying that there will be consequences for those who pushed foreign interference hoaxes. On that day, he wrote that “the Hammer of Justice is Coming.”
US Fraud Losses Exceed $233 Billion Annually
In today’s post shared by Musk, a new report estimates that the US fraud losses have exceeded $233 billion annually.
This is the first-of-its-kind analysis based on spending between 2018 and 2022, coming a week after the White House endorsed new legislation to crack down on fraud, including identity theft.
The report from The Washington Post notes that the US government may lose between $233 billion and $521 billion to fraud each year.
Musk’s upcoming Department of Government Efficiency (DOGE) already has a page on X, amassing 1.9 million followers since its creation earlier this month.
Yesterday, the DOGE’s account listed the items that the American taxpayers’ dollars are spent on.
