Memecoin inspired by Elon Musk's possible position soars 100%

With Donald Trump's victory, several rumors speculate that Elon Musk may head a supposed Department of Government Efficiency. In English, this department has the acronym DOGE, which caused the value of memecoins such as Dogecoin (DOGE) to rise sharply after the election.

However, a memecoin adopted precisely the acronym of the supposed department: DOGE And according to CoinGecko, its price shot up 100% in the last 24 hours as the memecoin gained popularity.

This token emerged in mid-August and has risen by more than 600% since then. The movement suggests that several new tokens could benefit from Trump's election, such as FreeDum Fighters, which was directly linked to the election.

Relationship between Musk and DOGE

Elon Musk was one of the biggest supporters and donors of Donald Trump's campaign, donating more than US$100 million to the Republican candidate. In August, there was speculation that Musk could occupy the supposed Department of Government Efficiency.

According to Musk, the department would supposedly encourage greater efficiency in the American state, including reduced spending. But what caught attention was the department's acronym in English, which encouraged the creation of parody tokens.

In a speech given in Pennsylvania in October, Musk further revealed plans for his proposed “Department of Government Efficiency”. At the time, Musk used the abbreviation DOGE for the first time, stating that the sector will seek to make government spending on taxpayer money more efficient.

Musk previously suggested that the proposed department could be run similarly to a corporate company at Thursday's meeting, with incentives for artists and penalties for those who don't deliver results.'

And Republican Donald Trump's victory has brought those plans closer to reality — pushing up prices of the unrelated DOGE token as traders look to cash in on the term's virality and popularity.

DOGE-inspired tokens

The data from CoinGecko show that the DOGE token has risen 155.00% since the beginning of September, reaching a market value of US$153 million. Its trading volume reached almost US$30 million this Friday (08).

Given the token's appeal, it could be headed for more price gains in the coming months as Trump appoints his team. If Musk's name is among those nominated, DOGE could reach new highs, analysts say.

“There will be a media frenzy over Elon and DOGE His aggressive support for Trump and the ‘Department of Government Efficiency’ narrative could have been a deciding factor in a Trump win,” said the trader known as “unipcs” on his Twitter account. X.

“This will end up being a key catalyst that fuels both Dogecoin and the memecoin DOGE ETH much higher,” the trader added.