The Department of Government Efficiency, a satirical token inspired by discussions between former President Donald Trump and billionaire Elon Musk, was one of the best-performing cryptocurrencies over the weekend.
Elon Musk upgrades government efficiency management
DOGE rose to $0.02850, currently hovering at around $0.02309 at last check on Sunday.
That’s up more than 33,000% from its lowest point in September.
DOGE jumped after Musk, considered the world’s richest individual, posted his idea to create a government department after chatting with Trump. On X.com In August.
“You’re the best,” Trump told Musk, referring to the layoffs at Tesla. “I need Elon Musk — I need someone with a lot of strength, courage, and intelligence. I want to shut down the Department of Education, and bring education back to the United States.”
Trump has pledged to appoint Musk to chair the proposed “Commission on Government Efficiency” if he is re-elected in November. Musk is currently in charge of social media platform X.com, car manufacturer Tesla and space company SpaceX.
A Polymarket survey With assets of more than $1.1 billion, it gives current Vice President and Democratic nominee Kamala Harris a greater chance of winning the general election. Modern New York Times poll Harris and Trump were also found to be neck-and-neck in Michigan and Wisconsin.
Harris has a very narrow lead in most swing states.
Meanwhile, data shows that the government’s Ministry of Efficiency cryptocurrencies have continued to gain fans. According to Coincarp, the number of coin holders rose to a record high of 5,916, higher than the September low of 1,627.
The government’s Ministry of Efficiency token — not to be confused with Dogecoin, as they are both abbreviated with the same acronym — jumped into a high-volume environment.
24-hour trading volume rose to more than $10 million. Most of this volume was on exchanges like LBank and Xt.com.
The popularity of the Musk gag coin coincides with a significant rise in the popularity of the meme coin. Every day, developers take advantage of all kinds of emerging topics and trends to launch tokens.
For example, Moo Deng (MOODENG), a token named after the viral Thai hippopotamus, has amassed more than $300 million in market capitalization.
In addition, the politically themed tokens have a combined market value of over $639 million. The largest ones are Constitution DAO, MAGA (TRUMP), MAGA Hat, and Doland Tremp.
These tokens could do well in the near term as analysts expect a new meme coin supercycle as seen during the recent bull run in 2020 where the Fed cut interest rates.
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