On Nov. 12, President-elect Donald Trump announced that he had officially picked eccentric Tesla/SpaceX CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead the new administration’s Department of Government Efficiency, a concept conveniently abbreviated as D.O.G.E.
Elon Musk And Vivek Ramaswamy Take On D.O.G.E
Donald Trump has tapped Musk and Vivek Ramaswamy to head the newly created D.O.G.E agency, which seeks to tackle federal inefficiency head-on by cutting bureaucracy, reducing regulations, and restructuring agencies.
“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump declared in his announcement on X, describing the move crucial to the “Save America” movement.
Trump further noted that the upcoming department will work from outside the government to provide guidance and advice to propel large-scale structural reform and take an unprecedented “entrepreneurial approach” as it collaborates with the White House and Office of Management and Budget.
Musk has previously discussed his brainchild D.O.G.E government agency while appearing at Trump’s campaign rallies, which fueled a lot of attention and interest in the OG memecoin Dogecoin.
In a Tuesday evening post to X, Musk said all Department of Government Efficient actions will be posted online for maximum transparency.
“Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know,” Musk added. “We will also have a leaderboard for [the] most insanely dumb spending of your tax dollars. This will be both extremely tragic and extremely entertaining.”
Trump noted that Musk and Ramaswamy will work on the D.O.G.E. project until July 4, 2026, a date he emphasized as key, coinciding with the 250th anniversary of the Declaration of Independence.
“I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans,” Trump posited.
Dogecoin’s Bright Road Ahead
Elon Musk has long been an advocate of Dogecoin, which — interestingly — has a ticker the same as the acronym of the upcoming agency. The price of DOGE spiked over 11% ahead of the announcement before giving up some gains.
Doge is changing hands at $0.3841 as of press time, down 8% from its earlier Tuesday peak of $0.4346. It has returned more than 84% to investors in the past week and more than doubled over the past 30 days, CoinGecko data shows.
Following Trump’s election victory and the confirmed D.O.G.E department, the newfound connection between the new president and the Dogefather could further intensify Dogecoin’s bullish hype.
The latest positive price action had led some crypto traders to tip $1 as a crucial price target for DOGE — one that has been long anticipated since 2021 when the crypto meme coin rocketed past $0.73.