On November 13, 2021, former President Donald Trump announced the appointment of Elon Musk to lead the Department of Government Efficiency (DOGE), which aims to eliminate government bureaucracy, reduce excessive regulation, and cut wasteful spending. Musk also released the new logo for the Department of Government Efficiency.
Dogecoin, a meme coin founded in 2013 by software engineers Billy Markus and Jackson Palmer, shares its name with the newly created government department. Musk has a deep relationship with Dogecoin, having praised the cryptocurrency on several occasions, including calling himself “Dogefather” in a 2021 appearance on “Saturday Night Live.” The meme coin, although it has experienced multiple bull and bear cycles, still ranks among the top ten cryptocurrencies by market capitalization.
The Department of Government Efficiency was first referenced in August 2021 when Trump announced that he would appoint Musk as a cabinet or government adviser if he was successfully re-elected. Trump’s suggestion was met with enthusiasm and further amplified by Musk, who praised the name “DOGE” for the government department.
Musk and Trump’s promotion of the Department of Government Efficiency led to a surge in public interest in government efficiency and transparency. Social media platforms were flooded with criticisms of wasteful government spending, highlighting the importance of the new department. The “Musk trade” emerged as a significant investment strategy, with cryptocurrencies related to Musk, such as DOGE and PNUT, experiencing rapid growth after the election.
DOGE, in particular, has seen impressive gains due to Musk’s backing of Trump and the potential benefits of integrating Dogecoin into the payment system. PNUT, a meme coin related to a squirrel named Peanut, also experienced significant growth following the DOGE announcement. The squirrel’s story became intertwined with political narratives, further fueling the meme coin’s popularity.
EDOGE, a meme coin on the Ethereum platform, also shares its name with the Department of Government Efficiency. It experienced a significant surge in value following the DOGE announcement but has since seen a decline in value. The meme coins DOGE, PNUT, and EDOGE, like many other cryptocurrencies, have their origins in the rapidly evolving world of Web3.
Their association with Musk and the Department of Government Efficiency has added an intriguing element to both their success and the political landscape.
