On November 13th, at 9:30 in the morning, Trump issued a statement appointing Elon Musk to lead the Department of Government Efficiency (DOGE) to eliminate government bureaucracy, reduce excessive regulations and wasteful spending, and reorganize federal agencies. Subsequently, Musk also released the logo of the Department of Government Efficiency and stated, ‘Make government more fun’.

Since then, a new government department named after memecoin has appeared on the American political stage. So where did the department ‘DOGE’ come from?

The Past and Present of the Department ‘DOGE’

The originator of meme coin: DOGE

DOGE (Department of Government Efficiency) and meme coin Grandmaster Dogecoin share the same name (also known as the Chinese commonly referred to as dog coin).

As an elder of meme coins, DOGE (DOGE) was inspired by the popular ‘Doge’ internet memes (a prototype of a Shiba Inu named Kabosu). DOGE was created in 2013 by software engineer Billy Markus and Jackson Palmer. At the beginning, they hoped to create a fun and easy-to-use cryptocurrency to satirize the hype of the cryptocurrency market. DOGE was an immediate success and was warmly welcomed on websites such as Reddit, and was even used as a reward tip.

At the same time, Musk also has a deep relationship with DOGE. In April 2019, Musk tweeted that Dogecoin is his favorite cryptocurrency and thought DOGE is “cool.” In the May 2021 episode of Saturday Night Live, Musk called himself the ‘Dogefather’ and referred to Dogecoin as the ‘people’s cryptocurrency.’ Over time, Musk has gradually become closely associated with Dogecoin Depth and even become the public’s representative figure for Dogecoin.

So far, DOGE has gone through 4 bull and bear cycles, but still firmly holds a seat in the top ten of the encryptionMarket Cap.

However, today the protagonist of the story is not DOGE, but the government department with the same name as DOGE, ‘DOGE’.

The Origin of D.O.G.E.

The story began on August 20 this year, when Trump announced that he would appoint Musk as a cabinet or government adviser if elected president. Just as the outside world was discussing Musk’s appointment, the Twitter account of Sir Doge of the Coin responded that Musk could serve as the Department Of Government Efficiency, abbreviated as ‘DOGE.’ Subsequently, Musk followed and retweeted the post, saying ‘This is a perfect name.’

From now on, the story of DOGE begins to unfold as the election process progresses. On October 26, in Pennsylvania, Musk likened the government’s opaque financial expenditures to a swamp and said, “We (DOGE) will be very open and transparent, and clearly explain what we and the Department of Efficiency are doing, what the problems are, and how the expenses are calculated.” “We need to drop expenses. If someone has a better way to drop expenses, please let us know. But if we don’t do this, we will go bankrupt. So, we have to do something. And we have to take some pretty big steps.”

Not only did Musk express his views on the ‘government efficiency department’ in multiple speeches, but Trump also heeded Musk’s advice. Trump said in a speech on September 6th that he would set up a ‘government efficiency department’ and have Musk lead the department’s work if elected.

With the dual push of Trump and Musk, the secondary creation and mass movement based on the Department of Government Efficiency (DOGE) are in full swing. Americans are beginning to realize the importance of ‘government efficiency,’ and social media is full of condemnation of government resource waste: ‘The US Department of the Treasury reports that there were $24.5 billion in ‘unchecked transactions’ in the past year,’ ‘Department of Agriculture employees abused government-issued credit cards, spending millions of dollars on concert tickets, tattoos, underwear, and personal items such as cars,’ ‘Transgender monkey research cost $33.2 million.’ Whether on X, INS, or TikTok, if you care about politics and elections, you can see a continuous emergence of works related to government efficiency. Thus, DOGE is not just simply sharing a name with Dogecoin, but also a powerful weapon and cultural symbol for Trump supporters to oppose the Democratic Party’s financial opacity and government expenditure mismanagement in the election process.

The biggest Alpha of this Bull Market: Musk trade

In this cycle, the ‘Musk trade’ is particularly important. Unlike the ‘Trump trade’, which is more inclined towards US stocks and the era of encryption beta, the ‘Musk trade’ is almost the strongest Alpha after the election. Cryptocurrencies related to Musk, such as DOGE and PNUT, are leading the encryption market after the election.

DOGE

As the meme coin with the largest market capitalization, DOGE is considered by most investors to have a market capitalization that is too large and not as cost-effective as other “small-cap” meme coins. However, in the past 14 days, DOGE has achieved a 120% increase, with a 96% increase in the past 7 days. The outstanding performance of DOGE is partly due to Musk’s wholehearted assistance to Trump in the election, which the market generally believes would be a huge Favourable Information for Musk-related concepts if Trump wins. On the other hand, it is also due to the potential Favourable Information of Musk’s application of Dogecoin in the payment system. At the same time, it is worth noting that on November 3rd, Robinhood Crypto has supported the transfer and withdrawal of DOGE Token.

PNUT

The squirrel image of PNUT originated from a squirrel named ‘Peanut’ adopted by an engineer named Mark 7 years ago. Mark often shared interaction videos between him and Peanut on ins, gradually gaining tens of thousands of fans. However, nearby residents complained to the New York State Department of Environmental Conservation (DEC) that Peanut was carrying an infectious disease. Surprisingly, DEC raided Mark Longo’s home and took away Peanut without a search warrant. Mark Longo then initiated a petition on social media, with tens of thousands of fans signing it. Unfortunately, Peanut was eventually euthanized by DEC. After Peanut’s euthanasia, Dogecoin condemned the Democratic Party in a post, and Musk mourned Pnut’s death and claimed that Trump’s presidency would save Peanut.

The Peanut controversy is gradually evolving into a condemnation movement against the Democratic Party. At the same time, a large number of Peanut derivatives are being created on the internet, such as ‘squirrels wearing MAGA hats for rebellion.’ From this point on, the animal image represented by Peanut is not just a popular meme, but also carries a political overtone associated with ‘Trump.’ Today, Musk tweeted, ‘America is saved by a squirrel and meme coin,’ causing PNUT to surge over 100% in a short time.

D.O.G.E

D.O.G.E is a meme coin named after the Department of Government Efficiency, where it is on the ETH network and Musk is employed. It saw a significant rise today following Trump’s announcement of Musk’s employment. It has risen by as much as 10 times and is now gradually falling. D.O.G.E and ‘MAGA’ coin have similar characteristics. Without subsequent narrative support, it will ultimately end up like ‘MAGA’ coin, with a ‘Favourable Information’ turning into ‘Unfavourable Information’ outcome.

In the process of Crypto development, Musk and DOGE are shining stars of Web3. Now Musk is cleverly connected with D.O.G.E because of DOGE, adding a mysterious and unique color to Musk’s political career and the encryption world itself.