“Efficiency” inspired tokens have become an expensive mess for investors.
Coins bearing the name of the fledgling Department of Government Efficiency — an early-stage agency dedicated to cost-cutting measures under the incoming Trump administration — fell on Sunday.
one Doug The token, which was formed in 2024 as a satirical take on government spending and bureaucracy, saw a sharp 18% drop in value over the past 24 hours. See track one below.
Another version of the coin, bearing the logo of a dog wearing a MAGA-like hat, also landed in the red at last check on Sunday, down 20%.
The real DOGE—the actual coterie of business leaders intent on eliminating bureaucratic waste—has aroused intrigue and suspicion.
The agency, which will be co-led by billionaires Elon Musk and Vivek Ramaswamy, initially boasted that it could cut $2 trillion from the federal budget. But this week, Musk revised his estimates, calling the trillion-dollar cuts an "epic result."
Speaking about
The value of the agency-inspired token (whose name is short for the trading symbol Dogecoin) plummeted in the days following Musk's comments.
“It's very difficult for people to care about spending someone else's money,” Musk said, adding that federal regulations often make large projects illegal — or at least obscenely expensive.
As it turns out, the DOGE is not technically part of the government and has no actual power to cut spending or enforce policies. It intends to advise the White House on what to do cut.
Tech journalist Kara Swisher, who has interviewed Musk in the past, wasn't surprised by the Tesla CEO's sudden downplaying of what DOGE could achieve.
“Model Musk is into more things than you think,” she said in a social media post. “Over-brag and then under-deliver.”
Swisher cited other initiatives led by Musk (such as hyperloop, robotaxis, and self-driving vehicles) as examples.
"The weird part is that he's perfectly capable of doing good things when he's silent," she added.
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