The Department of Government Efficiency, a satirical concept born from exchanges between former President Donald Trump and billionaire Elon Musk, emerged as one of the top-performing cryptocurrencies over the weekend.
Elon Musk Advocates for Department of Government Efficiency
The Department of Government Efficiency (DOGE) skyrocketed to $0.02850 and is currently fluctuating around $0.02309 as of Sunday’s latest update.
This represents an increase of more than 33,000% from its lowest point in September.
DOGE experienced a surge following Musk’s announcement of his vision for a government department after a conversation with Trump on X.com in August.
“You’re the greatest cutter,” Trump remarked to Musk, alluding to layoffs at Tesla. “I need an Elon Musk — I require someone with strength, courage, and intelligence. I intend to shut down the Department of Education and return education control to the states.”
Trump has promised to appoint Musk to lead the proposed ‘government efficiency commission’ if he wins re-election in November. Musk currently heads the social media platform X.com, car manufacturer Tesla, and aerospace company SpaceX.
A Polymarket poll with assets surpassing $1.1 billion predicts that current Vice President and Democratic nominee Kamala Harris has a stronger chance of winning the general election. A recent New York Times poll also indicated that Harris and Trump are closely matched in Michigan and Wisconsin.
Harris maintains a narrow lead in many swing states.
In parallel, data reveals that the Department of Government Efficiency cryptocurrency continues to attract supporters. According to Coincarp, the total number of holders has reached a record high of 5,916, significantly above the September low of 1,627.
The Department Of Government Efficiency token — distinguishable from Dogecoin, both of which share the same acronym — surged in a high-volume trading environment.
The 24-hour trading volume exceeded $10 million, predominantly taking place on exchanges like LBank and Xt.com.
The rising popularity of this Musk-inspired coin aligns with an increase in meme coin interest. Daily, developers are leveraging various emerging themes and trends to introduce new tokens.
For instance, Moo Deng (MOODENG), a token inspired by a viral Thai hippo, has amassed over $300 million in market capitalization.
Moreover, political-themed tokens have collectively surpassed a market cap of $639 million. Notable examples include ConstitutionDAO, MAGA (TRUMP), MAGA Hat, and Doland Tremp.
These tokens are poised for potential success in the near future, as analysts forecast a revival of the meme coin supercycle reminiscent of the last bull market in 2020 when the Federal Reserve reduced interest rates.
