D.O.G.E Memecoin Rockets 100% as Traders Savor Elon Musk’s Strong Ties to President-Elect Trump

As a seasoned crypto investor with a knack for spotting trends and a healthy dose of skepticism, I must admit that the surge of the parody Department of Government Efficiency (D.O.G.E) memecoin has piqued my interest. I remember the days of dogecoin (DOGE), another meme-based token that took the crypto world by storm, albeit for different reasons.

A parody Department of Government Efficiency (D.O.G.E) memecoin has been up 100% in the past 24 hours as it has started to go viral within crypto circles, boosting trading volumes and demand.

Initial findings by CoinDesk highlighted an Ethereum token back in mid-October. Since then, its price has skyrocketed over 600%.

In early August, Elon Musk, an entrepreneur and vocal Dogecoin (DOGE) backer, posted a tweet to the Department of Government Efficiency, which led to the creation of mock tokens and later, he disclosed his plans for the “Department of Government Efficiency” during a town hall meeting in Pennsylvania.

As a crypto investor, I’m eagerly anticipating the role of the Department of Government Efficiency (D.O.G.E), which aims to optimize public funds allocation and improve the organization of departments managing expenditures. This means smarter spending for taxpayers like me.

Previously, Musk has mentioned that this potential department might operate like a business corporation, offering rewards for productive employees and consequences for those who don’t meet their goals.

The victory of Republican Donald Trump appears to be moving those plans towards implementation, which in turn has caused an increase in the price of the unconnected Dogecoin (D.O.G.E) token, as investors try to capitalize on its rising popularity and buzz.

According to data from CoinGecko, the value of this token has surged by approximately 155% since early September. On Friday, it reached a market cap of $153 million and recorded trading volumes close to $30 million.

With its widespread popularity and allure, there’s a strong possibility that the token will continue to increase in value over the next few months. This prediction arises as Trump assumes office and Shiba Inu coin (D.O.G.E) garners more attention from mainstream media outlets, according to certain market analysts.

A well-known trader named ‘unipcs’ shared with CoinDesk via private message that there will likely be extensive media coverage about Elon and DOGE (Dogecoin). His strong support for Donald Trump and the “Department of Government Efficiency” narrative could have played a significant role in Trump’s victory.

It will likely serve as a significant driving force, propelling both Dogecoin and the ETH meme token D.O.G.E higher,” unipcs stated.

Dogecoin has gained more than 22% in the past seven days after Trump’s win given Musk’s closeness to the President-elect.