The Department of Government Efficiency (DOGE) token surged and reached its all-time high after the wildly successful Donald Trump rally at the Madison Square Garden. The token soared to a high of $0.05345, giving it a market cap of over $52 million.
Trump Madison Square Garden rally
The DOGE token surge happened after Donald Trump appeared with Elon Musk and other leading conservatives at the Madison Square Garden, the popular venue in the deep blue New York state.
In it, Trump is working to flip a state that has not voted for a Republican president in decades and one that is widely seen as being highly liberal.
Polls show that Trump is significantly behind Kamala Harris in New York. However, the fact that he could fill the 19,500 MSG arena is a good spectacle that could push more people to vote for him.
It was full to the rafters – every seat in the house – and there were over 70,000 people just standing in support in the streets around MSG. The movement is MASSIVE!!
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In his statement, Elon Musk, who has poured over $130 million to Trump’s re-election bid, said that he would be pleased to serve in the administration. As the head of the Department of Government Efficiency, he said that he would work to slash over $2 trillion in government waste.
Such a government policy would be impressive since the government is spending trillions of dollars more than it collects each year. As a result, data shows that the US public debt has jumped to over $35.8 trillion, a few months after it crossed the $35 trillion level.
The challenge, however, is that the US has little room to cut this spending since most of it goes to Medicare and Medicaid, social security, defense, and interest on the debt. As such, any potential cuts would be in the discretionary spending, which is a tiny amount.
The other challenge is that Donald Trump’s policies would lead to more deficits, which will make an already bad situation worse. For example, he has pledged to deliver more tax cuts, which are expected to increase the deficit by over $7.5 trillion in ten years.
Therefore, while Elon Musk’s goals on the Department of Government Efficiency are good, they will likely not work.
Remember that running the government is different from running a private company like X, where Musk slashed over 6,000 workers.
Donald Trump tokens are worth millions
The Department of Government Efficiency is not the only political token that has done well this year. MAGA (TRUMP) token has soared, bringing its market cap to over $172 million.
Similarly, MAGA Hat (MAGA) token has soared by 21% in the last seven days, bringing its valuation to $80 million. Doland Tremp (TREMP) and Super Trump (STRUMP) have gained a market cap of over $31 million and $18 million.
On the other hand, Kamala Horris (KAMA) and Kumala Herris (MAWA) have only a market cap of $7.6 million and $4.4 million.
This divergence is mostly because Donald Trump is seen more favorably by crypto traders. For one, data on Polymarket shows that his odds of winning the general election in November have continued soaring recently.
He has a 65.6% odd of winning the election, against Harris’ 34.3%. His odds on Kalshi have risen to 62%, while those in PredictIt have soared to 61%.
Still, it is too early to tell whether he will win since polling data shows that the race between the two is much closer than expected. Data by the New York Times places the odds in most battleground states has narrowed.
The rise of meme coins
The Department of Government Efficiency token’s rise is part of the ongoing demand for meme coins.
Data compiled by CoinGecko shows that these tokens are now valued at over $60 billion, meaning that they are bigger than popular companies like AIG, Fortinet, Public Storage, Energy Transfers, and Norfork Southern.
The biggest of these meme coins are have themes like cats, dogs, and even goats. Most recently, helped by meme coin generators like Pump.fun and Sunpump, it has become easy for people to generate their own tokens.
As a result, tokens based on the news making headlines have become popular. For example, developers launched the Moo Deng token, which was based on a pigmy hippo that went viral a few months ago.
This trend will likely continue since meme coins have become the easiest way for people to make money these days.
These meme coins have also done well because of the rising odds that Bitcoin price will rise to a new all-time high. Polymarket data predicts that the coin will retest the resistance at $73,800 and pass it this year.
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