The Department of Government Efficiency (#doge⚡ ) token saw significant growth, reaching an all-time high following Donald Trump’s successful rally at Madison Square Garden. The token’s price rose to $0.05345, resulting in a market capitalization of over $52 million.
Trump’s Madison Square Garden Event Boosts DOGE Token
The DOGE token’s price increase came after #donaldtrump appeared at an event at Madison Square Garden alongside #ElonMusk. and other prominent conservatives. The event took place in New York, a heavily liberal state where Trump aims to raise his popularity. Although Trump trails Kamala Harris in the polls, the sold-out MSG arena with 19,500 attendees brings him positive attention.
Elon Musk, who has invested over $130 million in Trump’s re-election campaign, expressed interest in working in his administration. Musk stated that he would like to lead the Department of Government Efficiency, focusing on reducing government waste estimated at over $2 trillion annually. However, this policy has limited potential as most federal spending is allocated to key areas like healthcare and defense.
Other Trump Tokens See Value Growth
The Department of Government Efficiency token isn’t the only Trump-related token on the rise. The MAGA (TRUMP) token has a market cap exceeding $172 million, and another token, MAGA Hat (#MAGA ), increased by 21% over the past week to around $80 million. Tokens like Doland Tremp (TREMP) and Super Trump (STRUMP) also hold values of $31 million and $18 million, respectively.
In contrast, tokens like Kamala Horris (KAMA) and Kumala Herris (MAWA) have much lower market caps, reflecting greater interest in Trump-related tokens among crypto investors. Polymarket data shows that Trump’s chances of winning the upcoming election are rising—with estimates giving Trump a 65.6% chance of victory against Harris’s 34.3%.
Rising Interest in Meme Tokens
The Department of Government Efficiency token joins the growing trend of meme coins. According to data from CoinGecko, meme coins are currently valued at over $60 billion, making them larger in value than some well-known companies like AIG and Public Storage. These tokens often draw on popular themes like cats and dogs, and the growing trend is further supported by meme coin generators like Pump.fun.
Meme coins are currently attractive due to the potential for quick profits, making them one of the easiest paths for investors seeking returns. This interest is also spurred by Bitcoin’s expected growth, as Polymarket predicts it could reach new all-time highs this year, surpassing the resistance level of $73,800.
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