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.

Elon Musk Promotes Department of Government Efficiency

The Department of Government Efficiency (DOGE) surged to $0.02850 and is currently hovering around $0.02309 as of the last check on Sunday. This represents an astounding spike of over 33,000% from its lowest point in September.

DOGE jumped after Musk, considered the world’s wealthiest individual, posted his idea for a government department after chatting with Trump in August.

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.

I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.

Rising Popularity and Market Dynamics

Data shows that the Department of Government Efficiency crypto has continued to gain fans. According to recent statistics, the number of holders has risen to a record high of 5,916, significantly higher than the September low of 1,627.

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. The 24-hour volume soared to over $10 million, with most of this volume occurring on exchanges like LBank and Xt.com.

Meme Coin Popularity

The Musk gag coin’s popularity coincides with the spike in meme coin popularity. Each day, developers are capitalizing on various emerging themes and trends to launch tokens.

For instance, Moo Deng (MOODENG), a token themed after a viral Thai hippo, has accumulated over $300 million in market cap. Additionally, political-themed tokens have enjoyed a combined market cap of over $639 million. The biggest ones include ConstitutionDAO, MAGA, MAGA Hat, and Doland Tremp.

These tokens could perform well in the near term as analysts predict a new meme coin supercycle, similar to what was observed during the last bull run in 2020 when the Federal Reserve slashed interest rates.

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