The Department of Government Efficiency (DOGE), a satirical cryptocurrency conceived from conversations between former President Donald Trump and billionaire Elon Musk, experienced significant growth over the weekend.
Elon Musk Endorses Department of Government Efficiency
The Department of Government Efficiency token surged to $0.02850 and is currently trading around $0.02309 as of Sunday.
This marks an astounding increase of over 33,000% from its lowest point in September.
The rise in DOGE’s value followed Musk’s commentary regarding the new government department inspired by his discussions with Trump. Musk is often recognized as the wealthiest individual globally.
During their conversation, Trump remarked, “You’re the greatest cutter,” referring to layoffs at Tesla, and expressed his desire for an individual with Musk’s capabilities to lead a new ‘government efficiency commission’ if he wins re-election in November.
In addition to his roles at Tesla and SpaceX, Musk is currently involved with X, a prominent social media platform.
While a Polymarket poll indicates that Vice President Kamala Harris has a higher chance of winning the general election, a recent survey found her in a tight race against Trump in key states like Michigan and Wisconsin.
Data reveals that the Department of Government Efficiency cryptocurrency is gaining popularity, with the number of holders soaring to a record 5,916, up from a September low of 1,627.
It’s important to differentiate the Department of Government Efficiency token from Dogecoin, despite both sharing the same acronym. DOGE has seen significant trading activity, with 24-hour volumes exceeding $10 million, primarily on exchanges where it is listed.
The recent momentum of this meme-inspired token aligns with the broader resurgence in meme coins, with developers actively launching tokens themed on trending topics. For instance, the token Moo Deng (MOODENG), which is inspired by a viral Thai hippo, has achieved a notable market cap exceeding $300 million.
Furthermore, political-themed tokens have also gained traction, collectively surpassing a market cap of $639 million. Notable examples include ConstitutionDAO, MAGA (TRUMP), MAGA Hat, and Doland Tremp.
Market analysts are predicting a new supercycle for meme coins, reminiscent of the last bull run in 2020, following the Federal Reserve’s reduction of interest rates.
