DOGE Outperforms Blue Chips as Government Efficiency Initiative Winds Down
DOGE, the memecoin, outpaced both the CoinDesk 20 Index and the CoinDesk Memecoin Index on Monday following the White House announcement that Elon Musk’s government efficiency initiative will be dissolved.
CoinDesk data showed DOGE trading around $0.145, rising more than 3% for the day—well ahead of the roughly 0.6% gain in the CoinDesk 20 (CD20) and Memecoin Index.
The surge is driven in part by newly approved DOGE-focused spot ETFs. Grayscale’s GDOG is set to start trading, while Bitwise’s DOGE product could launch under the 20-day 8(a) window, providing a rare bullish catalyst. Yet, whale selling and weak technicals leave near-term price action fragile.
BTC and ETH remain under pressure, down about 9% and 10% for the week, with most large-cap tokens lagging.
While the ETF news is a key driver, DOGE also benefits from media attention, often tied to Elon Musk. The White House confirmed that the Department of Government Efficiency will shut down eight months early, with its functions quietly transferred to traditional agencies following Musk’s split from former President Trump.
Notably, cat-themed memecoins led gains this week, growing 4.2% in market cap versus dog-themed tokens at 4%, according to CoinGecko.
