NAIROBI (CoinChapter.com) — A new cryptocurrency tied to Elon Musk has emerged, but this time, it’s not just another blockchain project. Named “Department of Government Efficiency” (DOGE), the coin seems to be more of a satirical commentary than a serious digital asset. The coin, associated with Musk and even linked to Donald Trump’s political ambitions, positions itself as a movement uniting Doge enthusiasts under the banner of political efficiency.
According to CoinMarketCap, the price of the DOGE token is $0.03177, down 6.44% over the last 24 hours. With a circulating supply of 979.13 million, its market cap is $31.11 million. Its 24-hour trading volume is $2.97 million, with most activity occurring on platforms like LBank and Xt.com.
The whole concept of the Department of Government Efficiency (DOGE), from its association with Trump to Musk’s rumored involvement, blurs the line between humor and reality. Yet, it has gained traction, largely due to the attention Musk commands in the crypto world.
Dogecoin Roots, Political Parody, and Elon Musk’s New Cryptocurrency
The Department of Government Efficiency coin taps into Musk’s well-known support for Dogecoin. However, unlike Dogecoin, which started as a joke but evolved into a multi-billion-dollar asset, DOGE plays directly into political parody. The suggestion that Musk could hold a “government role” in a future Trump administration adds another layer of absurdity.
Its creators claim the coin represents a united front of Dogecoin lovers and political efficiency advocates, but there’s little substance beyond the meme. Investors and traders who remember Musk’s influence on Dogecoin may wonder if DOGE is just another viral opportunity, but the lack of utility and absurd storyline make it clear this is more about attention than real economic use.
Political Trends Boost Meme Coin Popularity
Department of Government Efficiency (DOGE) rises as political speculation intensifies, coinciding with the upcoming U.S. presidential election. Data from Polymarket indicates Donald Trump holds a commanding 64% chance of winning the 2024 election, while Kamala Harris trails at 36%. The coin’s humorous ties to Trump have undoubtedly fueled some of its momentum, blending meme culture with real-world political developments.
According to Coincarp, token holders have surged to 7,593, up from a low of 1,627 in Sept., reflecting a sudden interest in this gag coin.
While DOGE is enjoying a wave of attention, it’s hard to see it as more than a passing joke. Its similar acronym to Dogecoin and Musk’s involvement have certainly contributed to its popularity, but without any real use or long-term value, the excitement may not last. Although speculators may find short-term gains, the coin’s future remains uncertain as meme culture shifts.
The post Elon Musk New Cryptocurrency: Meme Coin or Political Satire? appeared first on CoinChapter.
