Meme Coins Inspired by Trump's New 'Department of Government Efficiency' Plummet in Value

Meme coins inspired by the Department of Government Efficiency (DOGE) experienced a significant drop in value on Sunday, following a surge in recent days.

One DOGE token, which launched in 2024 and is named after the acronym for Dogecoin's trading symbol, saw a sharp 18% decline in value over the past 24 hours.

Another version of the coin, featuring a logo of a dog wearing a MAGA-like hat, also landed in the red at last check on Sunday, dropping by 20%.

The tokens were inspired by the real DOGE, a new agency devoted to cost-cutting measures within the incoming Trump administration.

The agency, to be co-led by Elon Musk and Vivek Ramaswamy, has sparked both intrigue and skepticism.

The initiative aims to identify $2 trillion in cuts to the federal budget, an ambitious goal that has drawn attention and raised questions.

Musk, who co-leads the agency, has emphasized the importance of eliminating bureaucratic waste and red tape in boosting the economy and reducing inflation.

"If we try for $2 trillion, we've got a good shot at getting one. That would free up the economy, reduce inflation, and be, well, epic," Musk said, outlining his vision during an appearance on X, a platform he owns.

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The tokens, which are not affiliated with the actual DOGE, experienced a surge in value earlier this week as news of the agency spread.

However, the value of the tokens began to plummet in the days following Musk's comments, which included a frank assessment of the challenges involved in cutting government spending.

"It's very, very hard for people to care about spending someone else's money," Musk said, adding that federal regulations often render large projects illegal—or at least prohibitively expensive.

"People don't get excited about cutting government programs. It's like, 'Oh, well, I don't use that program. I don't care if you cut it,'" he continued.

"Actually, everyone uses government programs. Even if you're a billionaire, you use government programs. It's just that you don't notice them because they're so deeply embedded in the cost of everything."

The DOGE acronym also happens to be the trading symbol for Dogecoin, a cryptocurrency that began as a joke in 2013 and has since become one of the world's most valuable digital assets.

DOGE, as it turns out, is not technically part of the government and holds no actual power to cut spending or enforce policies. It intends to advise the White House on what to slash.

Tech journalist Kara Swisher, who has interviewed Musk in the past, was not surprised by the Tesla CEO's sudden downplaying of what the DOGE can accomplish.

"Typical Musk on more things than you think," she said in a social media post. "Over bragging and then under delivering."

Swisher cited other Musk-led initiatives (i.e., the Hyperloop, robotaxis, autonomous vehicles) as examples.

"The weird part is he is fully capable of delivering good stuff when he just shuts up," she added.