Elon Musk-inspired Department of Government Efficiency token spikes 33,000%

The Department of Government Efficiency (DOGE), a satirical token inspired by conversations between former President Donald Trump and billionaire Elon Musk, emerged as one of the top-performing cryptocurrencies over the weekend.

Elon Musk’s Support Boosts DOGE

The token saw a dramatic rise, hitting a peak of $0.02850 before settling at approximately $0.02309 as of Sunday. This marks an astonishing increase of over 33,000% from its lowest point in September. The surge has caught the attention of the crypto community, driven in part by Elon Musk’s promotion of the project.

DOGE experienced a surge following a post by Elon Musk, the world’s wealthiest individual, who shared his vision for a new government department after a conversation with Donald Trump on X.com in August.

During their discussion, Trump praised Musk’s ability to streamline operations, saying, “You’re the greatest cutter,” referencing layoffs at Tesla. He expressed a desire to eliminate the Department of Education and return control of education to the states.

Trump has promised to appoint Musk to lead the proposed “government efficiency commission” if he wins re-election in November. Musk, who oversees the social media platform X.com, as well as Tesla and SpaceX, has become a key figure in these discussions.

A Polymarket poll, which has amassed over $1.1 billion in assets, indicates that current Vice President Kamala Harris has a greater chance of winning the general election. A recent New York Times poll also reveals that Harris and Trump are in a tight race in key states like Michigan and Wisconsin, with Harris maintaining a slim lead in several swing states.

In addition to political developments, the Department of Government Efficiency cryptocurrency is gaining traction, with data from Coincarp showing that the number of holders has surged to a record high of 5,916, a significant increase from the September low of 1,627.

The Department of Government Efficiency token—distinct from Dogecoin despite sharing the same acronym—has surged in a high-volume trading environment, with 24-hour volume exceeding $10 million. Most of this trading activity occurred on platforms like LBank and Xt.com.

The token’s popularity aligns with the rising trend in meme coins, as developers continuously launch new tokens inspired by various themes. For instance, Moo Deng (MOODENG), a token themed around a viral Thai hippo, has amassed a market cap of over $300 million.

Moreover, political-themed tokens collectively hold a market cap exceeding $639 million, with notable players including ConstitutionDAO, MAGA Trump, MAGA Hat, and Doland Tremp. Analysts anticipate a potential new meme coin supercycle, reminiscent of the last bull run in 2020, particularly as the Federal Reserve has begun slashing interest rates.