Elon Musk proposes D.O.G.E., a government efficiency initiative, sparking enthusiasm from the Dogecoin community due to its similarity to DOGE.
Musk envisions D.O.G.E. monitoring U.S. government spending to ensure funds benefit American citizens, highlighting a need for fiscal oversight.
Dogecoin enthusiasts react strongly to Musk's D.O.G.E. idea, reinforcing their longstanding support for the cryptocurrency and Musk’s influence.
Recently, during a speech in Pennsylvania, Tesla’s CEO, Elon Musk, was asked questions about his possible involvement in overseeing government Efficiency. When questioned about his position on implementing the Department of Government Efficiency, he unhesitatingly shortened the name to D.O.G.E., a joking reference to Dogecoin, a crypto the Tesla CEO advocates for.
https://twitter.com/dogeofficialceo/status/1847285492955427321
Musk stated that if D.O.G.E. was to be formed in the future, it would be in charge of supervising and controlling the U.S. government's expenditures. In Musk’s view, an agency of this nature, which receives billions from US taxpayers, should, in return, ensure that the monies spent serve the best interest of the US taxpayers. He expressed concern that most of this is spent outside the country, an area he says requires more monitoring.
How Dogecoin Community Respond to Musk’s Announcement
The discovery of DOGE enticed the Dogecoin community, which compared it with the D.O.G.E. or the government efficiency initiative. Nevertheless, even by referring to the government body, Musk created a stir, and plenty of Dogecoin supporters flocked to the comments section. As per Musk's track record, this has been especially apparent when interacting with the Dogecoin community.
Musk has been quite vocal about his connection with the Dogecoin token. He has always supported the meme-coin and reposted various Doge memes on his social media platforms. Some of his tweets caused price changes in the crypto in the past, mainly in 2021 when the price of DOGE soared to an all-time high after he wrote the tweet: ‘How much are you paying for Dogecoin?’ on X accompanied by a photo of him dressed as ‘The DogeFather.
Impact on Dogecoin’s Price
While Musk’s recent statements thrilled the community, the DOGE/USD rate movement has remained sluggish in the past few months. Before, Musk’s tweets regarding cryptocurrency were more frequent and caused an abrupt impact on the market. But the community stays devoted to Dogecoin, and any mention of DOGE, including in relation to government effectiveness, serves to stir up the bases.
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