Memecoin "parody" of D.O.G.E plan soars more than 150% thanks to Elon Musk and Trump
The D.O.G.E plan to improve US budget spending, which was revealed by Elon Musk at Trump's campaign rally in late October, accidentally pushed up the price of the memecoin of the same name.
In recent days, information surrounding Donald Trump becoming the 47th President of the United States has certainly covered all social media channels. However, Mr. Trump's election could not have been without the contribution of Elon Musk when this billionaire not only used the media power of his X platform, but also appeared at the campaign rally for the new President in New York in late October.
At the rally, Elon Musk expressed his support for Trump's campaign and revealed a plan to cut up to $2 trillion from the annual US budget, called the "Department of Government Efficiency" or D.O.G.E.
The D.O.G.E project quickly sparked attention to Dogecoin thanks to its interesting coincidence with the DOGE ticker. Since then, a series of memecoins inspired by this plan have been born with an "age" of only around 2 months to a few days.
Notably, the memecoin with the code DOGE inspired by the above plan, even the full name of the project is "Department Of Government Efficiency", has witnessed a surge of more than 155% in the last 24 hours.
In fact, data from CoinMarketCap shows that the DOGE token has started to increase since the beginning of September 2024, right after Mr. Donald Trump appointed Elon Musk to hold an important position in the White House, causing the related theme token to skyrocket.
With the current price of around 0.18 USD, this DOGE token has recorded a "huge" increase of up to 48,252%, equivalent to a profit of nearly 1,000 times since it was first listed at the end of August 2024.
However, the fact that this DOGE token "built a column" to increase by more than 155% in the last 24 hours originated from the official website of the 47th President of the United States recently posted a T-shirt product for sale, with the word "DOGE" printed on the front along with the full phrase "Department of Government Efficiency".
Elon Musk "shill" Dogecoin is no longer a new thing, but his appearance at Trump's campaign with the D.O.G.E plan has further fueled excitement for tokens related to this keyword. The billionaire has recently been jokingly called "Trump Indicator" by the community.
Many times, Musk's actions have pushed the price of Dogecoin to skyrocket. Typically, he hinted that Tesla could accept Dogecoin payments through a viral video on X, or included Dogecoin in the payment list for some products. Once, he even surprisingly changed the X blue bird logo to a Shiba dog - the symbol of Dogecoin.
With the media power of the X platform of Elon Musk - who is famous for a series of Dogecoin shills - combined with the victory of the "White House" chair of Donald Trump - a crypto-friendly President, some market observers predict that the price of tokens related to the keyword "DOGE" is likely to continue to increase in the coming months.
Famous crypto trader @theunipcs declared that "there will be a media fever about Elon and D.O.G.E", because "the strong support of Musk and Trump and the story of the Department of Government Efficiency" are the decisive factors for the election of the US President.
