Dogecoin (DOGE) has made headlines once again after President-elect Donald Trump announced the creation of a new “Department of Government Efficiency” (DOGE) to overhaul government operations.
Trump Announces New Department of Government Efficiency Led by Musk and Ramaswamy
The news sent DOGE prices soaring, underscoring the influence of memetic culture on financial markets.
Trump shared that entrepreneur Elon Musk and political commentator Vivek Ramaswamy will head the initiative, which is tasked with restructuring federal agencies and cutting bureaucratic red tape.
The two will operate outside of their formal government roles, working to bring “entrepreneurial reform” to federal management and spending practices. “Together, these two great Americans will pave the way for my administration to eliminate government bureaucracy, cut excessive regulations, reduce wasteful spending, and restructure federal agencies,” Trump said on Truth Social.
Musk also went to X to confirm his role and outline his plans for public accountability. “All Department of State Productivity actions will be published online for maximum transparency,” Musk said, adding, “We will have a leaderboard for the most ridiculously wasteful spending.”
Musk encouraged citizens to get involved, promising that public feedback would guide the department's cuts and efficiencies.
The choice of the abbreviation “DOGE” and Musk’s involvement has reignited interest in Dogecoin, a cryptocurrency that was initially popularized as a meme.
With these developments, the DOGE price has increased by over 250% in the past month, approaching levels last seen in 2021.
*This is not investment advice.
