Department of Government Efficiency Tokens rally after Trump appoints Musk as head

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As a seasoned crypto investor with a knack for spotting trends and a penchant for meme coins, I’ve seen my fair share of wild rides in this digital frontier. The recent surge in tokens related to the Department of Government Efficiency has certainly caught my attention.

The mention of tokens concerning the Department of Government Optimization significantly increased when United States President Donald Trump made it official that Tesla’s CEO, Elon Musk, and Vivek Ramaswamy would head this new establishment.

On November 13th, a group of four meme-based cryptocurrencies inspired by the Department of Government Efficiency experienced a surge in value shortly after President Trump officially established the department with its mission to ” Streamline” bureaucratic processes.

Tokens labeled as “Department of Government Efficiency” (DOGE) experienced substantial growth: one skyrocketed by 556%, another by 298.29%, a third rose by 210.8%, and the fourth soared by 65.52%.

As a researcher, I’ve noticed an intriguing trend in the performance of these recently issued tokens. Each one experienced substantial surges in trading activity and market capitalization. Remarkably, the ones that started with the smallest market caps have yielded the most remarkable returns.

Among them, the largest and longest established department, known as “Department of Government Efficiency,” boasts a mascot based on the Shiba Inu from Dogecoin and recently attained a market value of approximately $342 million. Over the past day, this meme-based coin surged by 90.6%, trading at around $0.372 following a peak of $0.402 achieved on November 13, setting a new all-time high.

Previously, as mentioned in an earlier report on crypto.news, the value of the meme coin skyrocketed approximately 33,000% following Musk’s tweet that unveiled a poster hinting at a new department, which depicted himself, Trump, and a Shiba Inu dog.

Dogecoin (DOGE), often referred to as the original “meme currency” that doesn’t have a connection with the Department of Government Efficiency, saw a positive response following recent news about Elon Musk and Donald Trump. On November 13th, DOGE experienced a surge of more than 20%, but it has since experienced a decrease.

In no time, traders have swiftly cashed in on the excitement generated by the Department of Government Efficiency tokens, raking in substantial profits within a brief period. An early investor of the original Department of Government Efficiency token reportedly transformed an initial six-figure investment into a whopping $12 million over a span of merely two months.

The Department of Government Efficiency, although not a formal part of the government, plans to operate independently to offer counsel and guidance to the White House. Collaborating with the Office of Management and Budget, this department intends to initiate significant structural changes and promote an innovative business-like mindset within government operations. This aligns with Trump’s “Save America” initiative, which seeks to transform federal budgeting and simplify regulations.

After Trump’s declaration, Elon Musk, the CEO of Tesla, pledged to make all internal operations transparent to ensure openness. He also encouraged people to speak up if crucial services are at risk of being eliminated or unnecessary expenses persist.

Musk additionally proposed a “foolish expenditure” ranking system, designed to highlight the most extravagant instances of government spending, which he characterized as both “sad” and “amusing.

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2024-11-13 10:58