Nov 13, 2024
6thTrade
A whirlwind narrative that propelled Dogecoin (DOGEUSD) prices up over 500% gained real-world traction on Tuesday, spotlighting how meme-driven investments can serve as a powerful trading strategy.
President-elect Donald Trump announced the selection of biotech entrepreneur Vivek Ramaswamy and tech mogul Elon Musk to spearhead a new Department of Government Efficiency, an initiative aimed at streamlining government operations and reducing wasteful spending.
Operating as external advisors, Ramaswamy and Musk are tasked with providing insights to drive sweeping structural reforms, bringing an “entrepreneurial approach to government” that Trump claimed was unprecedented.
“These two incredible Americans will lead the charge in dismantling bureaucracy, cutting unnecessary regulations, slashing waste, and overhauling federal agencies—all critical to our ‘Save America’ mission,” Trump stated in an announcement on Truth Social.
The project will run until July 4, 2026, according to Trump’s post.
In a separate post on X, Musk emphasized that all actions taken by the Department of Government Efficiency will be shared publicly to ensure transparency.
“If the public thinks we’re cutting something essential or ignoring something wasteful, they can tell us,” Musk said. “We’ll even have a leaderboard tracking the most ridiculous uses of taxpayer money—tragic but also highly entertaining.”
In mid-October, a CoinDesk analysis highlighted rising interest in DOGE due to its meme appeal, predicting an uptick in mainstream coverage and retail trading attention. Over the past month, DOGE prices have surged nearly 250%, returning to 2021 highs, with traders now eyeing the $1 mark as a potential long-term target.
