The hype surrounding “Government Efficiency” meme coins has fizzled out, leaving investors with a costly mess. These tokens, inspired by the Department of Government Efficiency, plummeted in value after Elon Musk walked back his cost-cutting plans.
Thank you for reading this post, don't forget to subscribe!The Rise and Fall of DOGE Tokens
One DOGE token, created in 2024 as a satirical take on government spending, experienced a sharp 18% drop in value over 24 hours.
Another version, featuring a dog in a MAGA-like hat, also took a hit, dropping by 20%.
Musk’s Revised Vision
The agency, co-led by Musk and Vivek Ramaswamy, initially aimed to slash $2 trillion from the federal budget. However, Musk later revised his estimate, describing $1 trillion in cuts as “an epic outcome.” Speaking on X, Musk explained that aiming for $2 trillion would likely result in getting only $1 trillion, which would still have a significant impact on the economy.
The Reality Check
Despite the hype, DOGE isn’t part of the government and holds no power to cut spending or enforce policies. Its role is limited to advising the White House on budget cuts. As tech journalist Kara Swisher noted, Musk’s tendency to overpromise and underdeliver has led to skepticism about the agency’s potential impact.
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