Elon Musk-inspired Government Efficiency coin spikes 33,000%

Department of Government Efficiency, a satirical token inspired by the debates between former President Donald Trump and billionaire Elon Musk, was one of the best-performing cryptocurrencies over the weekend.

Elon Musk promotes Department of Public Efficiency

Department of Government Efficiency (DOGE) rose to $0.02850 and is currently hovering around $0.02309 at last check on Sunday.

This represents an increase of over 33,000% from its lowest point in September.

DOGE jumped after Musk, considered the world’s richest individual, aired the idea of ​​a government department following a chat with Trump on X.com in August.

“You’re the ultimate cutter,” Trump told Musk, referring to layoffs at Tesla. “I need an Elon Musk; I need someone with a lot of strength, courage and intelligence. I want to close the Department of Education, move education back to the states.”

Trump promised to appoint Musk to head the proposed ‘government efficiency commission’ if he is re-elected in November. Musk currently oversees social media platform X.com, automaker Tesla and aerospace company SpaceX.

A Polymarket poll with over $1.1 billion in assets boosts current Vice President and Democratic nominee Kamala Harris’ chances of winning the general election. A recent New York Times poll also found Harris and Trump neck and neck in Michigan and Wisconsin.

Harris has a razor-thin lead in most swing states.

Meanwhile, data shows the Department of Government Efficiency cryptocurrency continues to gain fans. According to Coincarp, the number of holders rose to 5,916, up from the September low of 1,627.

Ministry of Public Efficiency owners | Source: Coincarp

The Government Efficiency token, which is not to be confused with Dogecoin since both are abbreviated by the same acronym, has jumped in a high-volume environment.

24-hour volume exceeded $10 million. Most of this volume was on exchanges such as LBank and Xt.com.

The popularity of the Musk joke coin coincides with the rise in popularity of the meme coin. Every day, developers take advantage of all kinds of emerging themes and trends to launch tokens.

For example, Moo Deng (MOODENG), a viral Thai hippo-themed token, has accumulated a market cap of over $300 million.

Additionally, the total market cap of politically themed tokens is over $639 million. The largest ones are ConstitutionDAO, MAGA (TRUMP), MAGA Hat and Doland Tremp.

These tokens may perform well in the near term, as analysts are predicting the emergence of a new meme coin supercycle, similar to what we saw during the last bull run in 2020 when the Federal Reserve lowered interest rates.