A parody Department of Government Efficiency (D.O.G.E) memecoin has been up 100% in the past 24 hours as it has started to go viral within crypto circles, boosting trading volumes and demand.
A CoinDesk analysis first flagged the Ethereum-based token in mid October, with prices increasing more than 600% since then.
Entrepreneur and vocal dogecoin (DOGE) supporter Elon Musk first tweeted the Department of Government Efficiency in early August - spurring the creation of parody tokens - and further revealed plans for his proposed “Department of Government Efficiency” at a Pennsylvania town hall.
The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending.
Musk has previously suggested the proposed department could be run similarly to a corporate company at the Thursday town hall, with incentives for performers and penalties for those who fail to deliver results.
And Republican Donald Trump’s win has pushed those plans closer to reality — pushing prices of the unrelated D.O.G.E token as traders seek to make money on the term’s virality and popularity.
CoinGecko data shows the token is up 155,00% since early September, reaching a market capitalization of $153 million earlier Friday with nearly $30 million in trading volumes.
Given the virality and appeal of the token, it may be headed for further price gains in the coming months as Trump takes office and D.O.G.E gains mainstream media coverage, some market watchers say.
“There is going to be a media frenzy about Elon and D.O.G.E,” well-known trader ‘unipcs,’ told CoinDesk in an X message. “His aggressive backing ofTrump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win.
“That's going to end up being a key catalyst that fuels both Dogecoin and the D.O.G.E ETH memecoin much higher,” unipcs added.
Dogecoin has gained more than 22% in the past seven days after Trump’s win given Musk’s closeness to the President-elect.
