US President Donald Trump announced the creation of the new Department of Government Efficiency, headed by Elon Musk and Vivek Ramaswamy, leading to a rise in themed memecoins.
Appointment to the New Department
On November 13, Donald Trump unveiled a plan to create a new Department of Government Efficiency, aimed at 'dismantling' bureaucracy. Elon Musk and Vivek Ramaswamy were appointed as leaders of this new division.
Rise of Meme Coins
Following the announcement, several meme coins related to the theme of the Department of Government Efficiency saw sharp increases in value. One of the coins surged by 556%, another by 298.29%, and a third by 210.8%. Their trading volumes and market caps also climbed significantly, with the largest, simply named 'Department of Government Efficiency', reaching a market cap of $342 million.
Community Reaction
Traders quickly capitalized on the opportunities presented by the new wave of hype surrounding these meme coins. Attention to the project has attracted a significant number of traders, with some already hailing it as 'the new Dogecoin'.
While the Department of Government Efficiency is not yet an official government agency, its initiatives are drawing substantial interest from the meme crypto community. The emergence of this new division may contribute to the further development of meme culture and digital speculation.
