DOGE Outpaces Blue Chips as Government Efficiency Initiative Shutters

DOGE, the popular memecoin, edged past both the CoinDesk 20 Index and the CoinDesk Memecoin Index on Monday following news that the White House is dissolving Elon Musk’s government efficiency initiative.

CoinDesk market data shows DOGE trading around $0.145, posting a daily gain of over 3%, compared with roughly 0.6% growth for the CoinDesk 20 (CD20) and the Memecoin Index.

The rally comes amid a wave of newly approved DOGE-focused spot ETFs. Grayscale’s GDOG is set to begin trading, and Bitwise’s competing DOGE product may go live under the 20-day 8(a) window, providing a rare bullish catalyst. Still, whale selling and weak technicals keep short-term price action fragile.

Meanwhile, major cryptocurrencies BTC and ETH continue to struggle, down about 9% and 10% over the week, while most large-cap tokens remain laggards.

Although the upcoming ETF launch explains much of DOGE’s gains, the token typically benefits from headline attention—especially mentions of Elon Musk. The White House confirmed that the Department of Government Efficiency will dissolve eight months ahead of schedule, following Musk’s split with former President Trump, with its functions quietly transferred to traditional agencies.

Despite the usual D.O.G.E mention boosting attention, it was actually cat-themed memecoins that led the gains. CoinGecko data shows that cat-themed tokens grew their market cap by 4.2%, slightly ahead of dog-themed coins, which rose 4%.