Department of Government Efficiency Tokens rally after Trump appoints Musk as head

Tokens related to the Department of Government Efficiency soared after US President Donald Trump officially announced that Tesla CEO Elon Musk and Vivek Ramaswamy will lead the newly created department.

On Nov. 13, four Department of Government Efficiency-themed meme coins surged just after Trump formalized the new department, which aims to “shred up” the bureaucracy.

The tokens, all named “Department of Government Efficiency” (DOGE), have made impressive gains with minor changes: one is up 556%, another is up 298.29%, the third is up 210.8%, and the fourth is up 65.52%.

24 hour earnings of meme coins | Source: CoinGecko

Each of these newly minted tokens has seen significant increases in trading volume and market capitalization; those with the smallest initial market caps had the most dramatic gains.

The largest and oldest of the group, simply called the “Ministry of Government Efficiency”, has reached a market cap of $342 million, with Dogecoin’s Shiba Inu as its mascot. Meme coin changed hands last day at $0.372, up 90.6% after reaching an all-time high of $0.402 on November 13.

As previously reported by crypto.news, the meme coin had surged over 33,000% from its September low after Musk shared a poster mocking the new department featuring himself, Trump and a Shiba Inu dog.

Dogecoin (DOGE), the original meme coin that shares the same acronym but is not directly affiliated with the Department of Government Efficiency, also reacted positively to recent news involving Musk and Trump. DOGE surged over 20% after the last announcement on November 13 but later pulled back.

Meanwhile, traders quickly capitalized on the excitement surrounding the Government Ministry of Efficiency tokens and made significant profits in a short time. The original owner of the original Ministry of Government Efficiency token reported that the six-figure initial investment turned into $12 million in just two months.

The Department of Government Efficiency, while not an official government agency, will operate externally to provide “advice and guidance” to the White House. Partnering with the Office of Management and Budget, the department aims to promote large-scale structural reform and take an entrepreneurial approach to government in line with Trump’s “Save America” movement, which aims to reshape federal spending and streamline regulations.

In a post published after Trump’s announcement, the Tesla CEO vowed to keep all department actions public for transparency and urged citizens to voice their concerns if essential services are cut or wasteful spending continues.

Musk also unveiled plans for a “stupid spending” leaderboard that will showcase the most egregious examples of government spending of “tax dollars,” which he described as both “tragic” and “fun.”