Donald Trump

Elon Musk

MAGA

<p class="is-style-lead">The Department of Government Efficiency, a satirical token inspired by discussions between Ex-President Donald Trump and billionaire Elon Musk, was one of the best-performing cryptocurrencies during the weekend.&nbsp;</p>
<h2 class="wp-block-heading" id="elon-musk-promotes-department-of-government-efficiency">Elon Musk promotes Department of Government Efficiency</h2>
<p>The Department of Government Efficiency (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/department-of-government-efficiency/">DOGE</a>) surged to $0.02850, and is currently hovering at around $0.02309 at last check Sunday.</p>
<p>That’s a spike of over 33,000% from its lowest point in September.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="zxx" dir="ltr"><a rel="noopener noreferrer nofollow" href="https://t.co/PHPAbiYagy" target="_blank">pic.twitter.com/PHPAbiYagy</a></p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1839942328192061552?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 28, 2024</a>
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<p>DOGE jumped after Musk, considered the world’s wealthiest individual, posted his idea for a government department after chatting with Trump <a href="https://apnews.com/article/donald-trump-elon-musk-x-twitter-livestream-83d6d07fc0ffef4151c96fc56aeec9ee" target="_blank" rel="noopener noreferrer nofollow">on X.com</a> in August.</p>
<p>“You’re the greatest cutter,” Trump told Musk, referring to layoffs at Tesla. “I need an Elon Musk — I need somebody that has a lot of strength and courage and smarts. I want to close up the Department of Education, move education back to the states.”</p>
<p>Trump has pledged to appoint Musk to head the proposed ‘government efficiency commission’ if he is re-elected in November. Musk is currently in charge of the social media platform X.com, car manufacturer Tesla and aerospace firm SpaceX. &nbsp;</p>
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   <p lang="en" dir="ltr">I look forward to serving America if the opportunity arises. <br><br>No pay, no title, no recognition is needed. <a rel="noopener noreferrer nofollow" href="https://t.co/5PSNtjBQn7" target="_blank">https://t.co/5PSNtjBQn7</a></p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1831672345108357610?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 5, 2024</a>
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<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/polymarket-shows-rising-odds-of-trump-nominating-musk-to-cabinet/"> Polymarket shows rising odds of Trump nominating Musk to cabinet </a></p>
<p>A <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1727594285979" target="_blank" rel="noopener noreferrer nofollow">Polymarket poll</a> with over $1.1 billion in assets gives current Vice President and Democratic nominee Kamala Harris a higher chance of winning the general election.&nbsp;A recent <a href="https://www.nytimes.com/2024/09/28/us/politics/harris-trump-poll-michigan-wisconsin.html" target="_blank" rel="noopener noreferrer nofollow">New York Times poll</a> also found that Harris and Trump are neck and neck in Michigan and Wisconsin.</p>
<p>Harris has a razor-thin lead across most swing states.</p>
<p>Meanwhile, data shows that the Department of Government Efficiency crypto has continued to gain fans. According to Coincarp, the number of holders has risen to a record high of 5,916, higher than the September low of 1,627.&nbsp;</p>
<figure class="wp-block-image size-full"><img fetchpriority="high" decoding="async" width="2421" height="836" src="https://crypto.news/app/uploads/2024/09/DOGE-holders.jpeg" alt="Department of Government Efficiency holders" class="wp-image-14300486">
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  Department of Government Efficiency holders | Source: <a href="https://www.coincarp.com/currencies/department-of-government-efficiency/richlist/" target="_blank" rel="noopener noreferrer nofollow">Coincarp</a>
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<p>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.</p>
<p>The 24-hour volume soared to over $10 million. Most of this volume was in exchanges like LBank and Xt.com.</p>
<p>The Musk gag coin’s popularity coincides with the spike in meme coin popularity. Each day, developers are capitalizing on all types of emerging themes and trends to launch tokens.</p>
<p>For example, Moo Deng (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/moo-deng/">MOODENG</a>), a token themed after a viral Thai hippo, has accumulated over $300 million in market cap.&nbsp;</p>
<p>Additionally, political-themed tokens have enjoyed a combined market cap of over $639 million. The biggest ones are ConstitutionDAO, MAGA (<a href="https://crypto.news/price/maga/" target="_blank" rel="noopener noreferrer nofollow">TRUMP</a>), MAGA Hat, and Doland Tremp.&nbsp;</p>
<p>These tokens could do well in the near term as analysts predict a new <a href="https://crypto.news/shib-inu-pepe-dogwifhat-soar-amid-meme-coin-supercycle/" target="_blank" rel="noopener noreferrer nofollow">meme coin supercycle </a>as we saw during the last bull run in 2020 as the Federal Reserve slashed interest rates.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/moo-deng-spikes-as-fomo-pushes-holders-to-record-high/"> Moo Deng spikes as FOMO pushes holders to a record high </a></p>

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

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