The Department of Government Efficiency, a satirical token inspired by discussions between Ex-President Donald Trump and billionaire Elon Musk, was one of the best-performing cryptocurrencies during the weekend.
Elon Musk promotes Department of Government Efficiency
The Department of Government Efficiency (DOGE) surged to $0.02850, and is currently hovering at around $0.02309 at last check Sunday.
That’s a spike of over 33,000% from its lowest point in September.
pic.twitter.com/PHPAbiYagy
— Elon Musk (@elonmusk) September 28, 2024
DOGE jumped after Musk, considered the world’s wealthiest individual, posted his idea for a government department after chatting with Trump on X.com in August.
“You’re the greatest cutter,” Trump told Musk, referring to layoffs at Tesla. “I need an Elon Musk — I need somebody that has a lot of strength and courage and smarts. I want to close up the Department of Education, move education back to the states.”
Trump has pledged to appoint Musk to head the proposed ‘government efficiency commission’ if he is re-elected in November. Musk is currently in charge of the social media platform X.com, car manufacturer Tesla and aerospace firm SpaceX.
I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed. https://t.co/5PSNtjBQn7
— Elon Musk (@elonmusk) September 5, 2024
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A Polymarket poll with over $1.1 billion in assets gives current Vice President and Democratic nominee Kamala Harris a higher chance of winning the general election. A recent New York Times poll also found that Harris and Trump are neck and neck in Michigan and Wisconsin.
Harris has a razor-thin lead across most swing states.
Meanwhile, data shows that the Department of Government Efficiency crypto has continued to gain fans. According to Coincarp, the number of holders has risen to a record high of 5,916, higher than the September low of 1,627.
Department of Government Efficiency holders | Source: Coincarp
The Department Of Government Efficiency token — not to be confused with Dogecoin, as both are abbreviated with the same acronym — jumped in a high-volume environment.
The 24-hour volume soared to over $10 million. Most of this volume was in exchanges like LBank and Xt.com.
The Musk gag coin’s popularity coincides with the spike in meme coin popularity. Each day, developers are capitalizing on all types of emerging themes and trends to launch tokens.
For example, Moo Deng (MOODENG), a token themed after a viral Thai hippo, has accumulated over $300 million in market cap.
Additionally, political-themed tokens have enjoyed a combined market cap of over $639 million. The biggest ones are ConstitutionDAO, MAGA (TRUMP), MAGA Hat, and Doland Tremp.
These tokens could do well in the near term as analysts predict a new meme coin supercycle as we saw during the last bull run in 2020 as the Federal Reserve slashed interest rates.
Read more: Moo Deng spikes as FOMO pushes holders to a record high
