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 promotes Department of Government Efficiency
The Department of Government Efficiency (DOGE) rose to $0.02850 and is currently hovering around $0.02309 at last check on Sunday.
This is an increase of more than 33,000% from its lowest point in September.
DOGE jumped after Musk, considered the richest individual in the world, posted his idea for a government department after chatting with Trump. on X.com in August.
“You’re the best cutter,” Trump told Musk, referring to layoffs at Tesla. “I need an Elon Musk, I need someone who has a lot of strength, courage and intelligence. “I want to close the Department of Education and move education back to the states.”
Trump has pledged to name Musk to head the proposed “government efficiency commission” if he is re-elected in November. Musk is currently in charge of social media platform X.com, automaker Tesla, and aerospace company SpaceX.
TO Polymarket survey With more than $1.1 billion in assets, current Vice President and Democratic candidate Kamala Harris has the best chance of winning the general election. A recent New York Times poll It also found that Harris and Trump are neck and neck in Michigan and Wisconsin.
Harris has a slim lead in most swing states.
Meanwhile, data shows that the Department of Government Efficiency’s cryptocurrencies have continued to gain followers. According to Coincarp, the number of holders has risen to an all-time high of 5,916, up from September’s low of 1,627.
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.
24-hour volume skyrocketed to over $10 million. Most of this volume occurred on exchanges such as LBank and Xt.com.
The popularity of Musk’s gag coin coincides with the rise in 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 inspired by a viral Thai hippo, has amassed over $300 million in market capitalization.
Additionally, politically themed tokens have enjoyed a combined market capitalization of over $639 million. The biggest ones are ConstitutionDAO, MAGA (TRIUMPH), MAGA Hat and Doland Tremp.
These tokens could do well in the short term as analysts predict a new supercycle coin meme as we saw during the last bull run in 2020 when the Federal Reserve cut interest rates.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.