The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending.
A spike in transactions suggests a potential revival of user engagement and could indicate growing adoption or increased trading activity - leading to higher prices.
“There is going to be a media frenzy about Elon and how his aggressively backing Trump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win,” one trader said.
Much of the current rally has been fueled by bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration.
DOGE funding rates are starting to flip negative, data shows, as traders move away from riskier assets amid low volatility in the broader crypto market.
