The Department Of Government Efficiency (DOGE) meme coin just had an extraordinary week, surging more than 200% over the last seven days.

A meme coin is a parody of a mainstream cryptocurrency. It is called so because it gives a nod to viral memes or internet trends.

The DOGE meme coin, launched as a hat tip to the eponymous department that the billionaire tycoon Elon Musk is the de facto head of, was trading at $0.03875 at the time of writing. Note that the meme coin is in no way affiliated with the department.

Musk, who is well-known for his fascination with cryptocurrencies such as the Dogecoin, has been serving as President Donald Trump's advisor and the chief of the DOGE agency since the beginning of Trump's second term in January 2025.

Musk had vowed to cut “at least $2 trillion” from the federal budget but halved the target later. He said that he will step down from the role at DOGE by the end of May as his team aims to slash the federal deficit by $1 trillion.

The department, tasked with slashing government spending, has reportedly failed to slash $170 billion in government expenditure despite the claim, the Financial Times reported on May 14. The report cast doubts on the real impact of the department.

Meanwhile, Dogecoin — the pioneering meme coin once admired by Musk  — has surged 10% over the last seven days. At press time, it was exchanging hands at $0.2257, as per Kraken.

The total meme coin market cap stood at $75.3 billion at the time of writing.

Disclaimer: The content above is intended for informational purposes only and should not be taken as financial advice. Do your own research before investing.