Tokens related to the Department of Government Efficiency soared as United States President Donald Trump officially announced that Tesla CEO Elon Musk and Vivek Ramaswamy would lead the newly created department.
On Nov. 13, four meme coins themed after the Department of Government Efficiency rallied soon after Trump made the new department that seeks to “dismantle” bureaucracy official.
The tokens, all named “Department of Government Efficiency” (DOGE) with slight variations, saw impressive gains: one surged by 556%, another by 298.29%, a third by 210.8%, and a fourth jumped by 65.52%.
These newly minted tokens each recorded significant spikes in trading volume and market cap, with those holding the smallest initial market caps making the most dramatic gains.
The biggest and oldest of the bunch, simply dubbed “Department of Government Efficiency” featuring Dogecoin’s Shiba Inu as its mascot reached a market cap of $342 million. The meme coin was up 90.6% over the past day, exchanging hands at $0.372 after reaching an all-time high of $0.402 earlier on Nov. 13.
As previously reported by crypto.news, the meme coin had previously surged over 33,000% from its September low after Musk shared a poster teasing the new department, featuring himself, Trump, and a Shiba Inu dog.
Dogecoin (DOGE), the original meme coin that shares the same acronym but is not directly linked to the Department of Government Efficiency, also reacted positively to recent news involving Musk and Trump. On Nov. 13, DOGE rallied over 20% after the recent announcement but has since pulled back.
Meanwhile, traders have quickly capitalized on the hype surrounding the Department of Government Efficiency tokens, turning significant profits in a short time. An early holder of the original Department of Government Efficiency token reported turning an initial six-figure investment into $12 million in just two months.
The Department of Government Efficiency, though not an official government agency, will operate externally to provide the White House with “advice and guidance.” Partnering with the Office of Management and Budget, the department seeks to drive large-scale structural reform and introduce an entrepreneurial approach to government, aligning with Trump’s “Save America” movement which aims to reshape federal spending and streamline regulations.
In a post following Trump’s announcement, the Tesla CEO vowed to keep all departmental actions public for transparency and urged citizens to voice concerns if essential services are cut or wasteful expenditures are retained.
Musk also introduced plans for a “dumb spending” leaderboard, which will showcase the most egregious examples of government spending “tax dollars,” which he described as both “tragic” and “entertaining.”
