30s Summary

An Ethereum-based token, based on Elon Musk’s joke about a fictional “Department of Government Efficiency” (D.O.G.E.), has surged 100% in 24 hours and over 600% since mid-October after Musk spoke about creating a real-life D.O.G.E. to scrutinise government spending. The election win of Donald Trump has increased the token’s popularity, with CoinGecko data showing its market worth is now $153m. Some believe its value will continue to rise as high-profile investor Musk’s D.O.G.E. joke gains media coverage.

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The joke coin based on the Department of Government Efficiency (D.O.G.E) has shot up by a whopping 100% in the last 24 hours, attracting more people into trading it. Talks from Elon Musk about setting up a real-life “Department of Government Efficiency” (D.O.G.E.) to put a check on government spending have driven this joke token’s popularity.

An earlier review by CoinDesk in mid-October flagged this quirky Ethereum-based token, with its prices soaring over 600% since then. Elon Musk, an entrepreneur and major Dogecoin (DOGE) enthusiast, tweeted about the Department of Government Efficiency back in August, sparking the creation of these parody tokens. He has also revealed plans for his proposed “Department of Government Efficiency” at a town hall in Pennsylvania.

The planned department, short for D.O.G.E, aims to make government spending of taxpayer money more effective while streamlining the departments controlling the spending. Musk suggested that the proposed department could operate much like a corporate company offering incentives for performers and penalties for those who fail to deliver results.

The triumph of Republican Donald Trump has brought Musk’s plans one step closer to reality, driving the prices of the unrelated D.O.G.E token up as traders look to profit from the term’s viral buzz and popularity. CoinGecko data reports that the token has shot up by 155,00% since early September, reaching a market value of $153 million with nearly $30 million trading volumes.

Owing to the viral charm and appeal of the token, some market observers believe it could rack up more gains in the coming months as Trump takes office and D.O.G.E gains mainstream media coverage. Renowned trader ‘unipcs’ told CoinDesk in a message, “There is going to be a media frenzy about Elon and D.O.G.E.” They added, “His aggressive backing of Trump and the ‘Department of Government Efficiency’ narrative could have been a deciding factor for a Trump win. That’s going to end up being a key catalyst that fuels both Dogecoin and the D.O.G.E ETH meme coins much higher.”

The actual Dogecoin has seen an increase of over 22% in the past week following Trump’s victory, given Musk’s connection with the President-elect.