The Department of Government Efficiency (DOGE) token saw a surge in value, reaching an all-time high of $0.05345 and a market cap of over $52 million. The surge came after a successful Donald Trump rally at Madison Square Garden, where Trump appeared alongside Elon Musk and other conservatives. Despite Trump's lag in polls compared to Kamala Harris in New York, the large turnout at the rally could influence more people to vote for him. Elon Musk, who has donated over $130 million to Trump's re-election campaign, stated that he would be willing to serve in the administration as head of the Department of Government Efficiency, aiming to reduce government waste by $2 trillion. However, there are challenges in cutting government spending, as most of it is allocated to Medicare, Medicaid, social security, defense, and interest on the debt. Additionally, Trump's policies, such as tax cuts, are expected to increase deficits by over $7.5 trillion in ten years. Despite these challenges, Elon Musk's goals for the department are seen favorably by crypto traders, with the DOGE token's rise reflecting ongoing demand for meme coins. Meme coins, valued at over $60 billion, have become popular due to their association with trending news and the ease of generating new tokens. The DOGE token's rise is also influenced by the anticipation of a new all-time high for Bitcoin, with predictions suggesting a retest of resistance at $73,800.
- Content Editor ( invezz.com )
- 2024-10-28
Musk’s Department of Government Efficiency (DOGE) token hits $52m value