The proposed Department, of Government Efficiency short for D.O.G.E, seek to slice down government spending of taxpayer money while streamlining departments that handle spending.
The parody D.O.G.E memecoin has surged by 100% in the last 24 hours, escalating its trading volumes and demand making it go viral within the crypto enthusiasts.
Elon Musk's public discussions about forming a real "Department of Government Efficiency" (D.O.G.E.) to streamline government spending have spurred the rise of this parody token.
Entrepreneur and vocal dogecoin (DOGE) supporter Elon Musk first tweeted the Department of Government Efficiency in early August - spurring the creation of parody tokens - and further revealed plans for his proposed “Department of Government Efficiency” at a Pennsylvania town hall.
Musk has previously suggested the proposed department could be run similarly to a corporate company at the Thursday town hall, with incentives for performers and penalties for those who fail to deliver results.
And Republican Donald Trump’s win has pushed those plans closer to reality — pushing prices of the unrelated D.O.G.E token as traders seek to make money on the term’s virality and popularity.
With the traction gained by the token, one could be envision higher price discoveries in the coming months as Trump takes office and D.O.G.E gains mainstream media coverage, some market watchers say.
“There is going to be a media frenzy about Elon and D.O.G.E,” well-known trader ‘unipcs,’ told CoinDesk in an X message. “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 memecoin much higher,” unipcs added.
