Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead a newly formed Department of Government Efficiency (D.O.G.E) until July 2026.
The connection between Dogecoin and Elon Musk continues to be a significant price driver, with DOGE soaring approximately 70% in the past week.
On Tuesday, Donald Trump announced the appointment of ex-presidential candidate Vivek Ramaswamy and tech mogul Elon Musk to head a newly established Department of Government Efficiency (DOGE) department, aimed at enhancing the effectiveness of government spending and administration.
Operating from outside the government, Musk and Ramaswamy will provide guidance to promote significant structural reforms and introduce an unprecedented entrepreneurial approach to governance. Trump stated in a post on his Truth Social account that, the two Americans will lead his administration’s efforts to dismantle government bureaucracy, eliminate unnecessary regulations, reduce wasteful spending, and reorganise federal agencies all of which are vital to the ‘Save America’ movement “.
pic.twitter.com/042NfHZOQU
— Donald J. Trump (@realDonaldTrump) November 13, 2024
The duo will work on this initiative until July 4, 2026, when the nation will commemorate and celebrate the 250th anniversary of the signing of the Declaration of Independence. Musk emphasized in a post on X that all actions taken by the Department of Government Efficiency would be made publicly accessible to ensure maximum transparency. One of Trump’s goals is to create a leaderboard for the most absurd uses of your tax dollars.
He added in his post “If the public believes we are cutting something vital or overlooking wasteful expenditures, we want to hear about it ”.
Nonetheless, the selection of Ramaswamy, particularly Musk who manages companies with substantial government contracts raises urgent worries regarding possible conflicts of interest. It remains uncertain how the newly created Department of Government Efficiency will operate or if a Republican-led Congress would back such extensive reforms in government spending and operations.
In a conversation with reporters last month, Musk expressed his objective of cutting government spending by $2 trillion. Experts contend that such reductions could lead to deregulation and policy shifts that would directly affect Musk’s array of companies, especially Tesla, SpaceX, X, and Neuralink.
D.O.G.E and DOGE Price Movement
The Space X CEO has long been a prominent figure associated with Dogecoin, publicly declaring his fondness for the coin and frequently boosting its price through his tweets and public statements.
His activity on X fueled the development of the D.O.G.E. meme coin shortly after his comments gained traction. Observant crypto traders spotted the connection between the D.O.G.E. acronym and Dogecoin’s ticker symbol, which contributed to a notable increase in DOGE’s price.
Since Election Day, the altcoin has more than doubled and is currently trading at $0.3, while it has increased about 70% since Tuesday. Meanwhile, DOGE is trading at approximately $0.3797. Despite small corrections, it has had an amazing 93.67% growth over the last 7 days, maintaining a steady position even as other major cryptocurrencies experience heightened volatility.
