All four memcoins named after the department showed impressive growth: one rose by 556%, another by 298.29%, the third increased by 210.8%, and the fourth jumped by 65.52%. The very first of these, a memecoin called Department of Government Efficiency with a mascot in the form of a Shiba Inu dog, reached a market capitalization of $342 million. In one day, it grew by 90.6%, reaching a maximum of $0.402.
The original DOGE cryptocurrency, with the same acronym, but not associated with the Department of Government Effectiveness, also reacted positively to Elon Musk’s new appointment. The DOGE rate increased by more than 20%, rising to $0.43. Later, the coin rolled back slightly.
The new department created by the Trump-Vance administration is intended to help the government cut government spending, eliminate unnecessary regulations and “dismantle the federal bureaucracy.” All Government Effectiveness Department activities will be published online to ensure maximum transparency. According to Trump, the department will add “more dynamics” to the work of the White House.
It is noteworthy that the new department’s name is similar to Elon Musk’s favorite meme cryptocurrency – Dogecoin. This largest memcoin by market capitalization captured the attention of the multi-billionaire several years ago. Earlier, Elon Musk even posted the Dogecoin logo on his social network X, which caused a sharp increase in the DOGE rate.
Recently, a well-known cryptanalyst under the pseudonym Ali Martinez suggested that after Donald Trump’s victory in the US presidential election, Dogecoin could grow 20-100 times.
Source: Bits
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