DOGE token rallies as Musk supports government efficiency
Analysts predict a new cryptocurrency supercycle, driven by the resurgence of meme coins and politically themed tokens like MAGA and ConstitutionDAO.
The Department of Government Efficiency (DOGE) token has soared in value, rising over 33,000% in September before settling at around $0.02309. The surge followed a playful remark from Elon Musk after a conversation with Donald Trump, who proposed creating a new government efficiency department.
Trump has pledged to appoint Musk as head of this department if re-elected in November. Polls currently show Trump and Kamala Harris in a close race, with Harris holding a slight edge in key swing states. Meanwhile, the DOGE token, often confused with Dogecoin, has seen its popularity grow, with the number of holders climbing to 5,916 and 24-hour trading volume surpassing $10 million.
Meme coins, including politically themed tokens, are enjoying a resurgence. Analysts are predicting a new supercycle, reminiscent of the 2020 crypto bull run, as tokens like MAGA and ConstitutionDAO continue to attract attention.
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