The rumors were true and it was not an internet joke. The president-elect of the United States, Donald Trump, confirmed that during his administration there will be a Department of Government Efficiency (DOGE, yes, just like the ticker of the dogecoin cryptocurrency).
This department will be led by businessman Elon Musk and politician Vivek Ramaswamy.
About them, said Trump: “Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, reduce overregulation, reduce wasteful spending, and restructure federal agencies, essential to the ‘Save America’ movement.”
While this is happening, the price of the dogecoin cryptocurrency —which is the memecoin with the highest market capitalization— has an increase of 88% in the last 7 days and 237% in the last month.
The following graph, provided by the CoinMarketCap platform, shows the price of the altcoin since last October 13:
Additionally, at the time of this publication, dogecoin is the second cryptocurrency with the highest weekly increase in percentage terms (considering only the 100 with the highest market capitalization):
It is curious that in the image above, 6 of the 10 cryptocurrencies and tokens with the highest weekly rise are memecoins.
Where is the value in dogecoin and memecoins?
What started as a simple game, like dogecoin—inspired by a Shiba Inu dog meme—has evolved into a multibillion-dollar financial asset. As CriptoNoticias showed yesterday, dogecoin is already more valuable than companies like Volkswagen, Ford or BMW, among many others.
The apparent irrationality of this value seems to subvert traditional principles, calling into question what we consider “valuable.” Are investors looking for alternatives beyond the conventional? It is evident that yes (or, at least, a large part of them).
It is possible that investors in memecoins are demonstrating, perhaps unconsciously, a growing distrust towards the traditional financial system and its value validation mechanisms. This “irrationality” may be a reaction to institutional bureaucracy and the perhaps exaggerated interference of the State in the financial world.
Additionally, the fact that memecoins have captured so much interest could be a sign that value is not always tied to tangible foundations. The communities that support these cryptocurrencies create their own shared value, driven by collective enthusiasm and cultural connection.
The idea that value can arise from something as intangible as a community united by humor suggests that The modern economy is beginning to redefine the very purpose of money.
