A crazy story that sent the price of dogecoin ($DOGE ) soaring more than 500% came true on Tuesday — showing how meme betting can be a powerful trading thesis.
President-elect Donald Trump announced Tuesday that he has chosen Vivek Ramaswamy and tech entrepreneur Elon Musk to lead a new Department of Government Efficiency (DOGE) aimed at improving government spending and management efficiency.
The pair will work outside government to provide advice and guidance to drive large-scale structural reform and create “a business-like approach to government like never before”.
"Together, these two great Americans will pave the way for my administration to dismantle government bureaucracy, cut excess regulations, cut wasteful spending, and restructure federal agencies - essential to the 'save America' movement," Trump said in a statement posted on his Truth Social account.
Trump said Musk and Ramaswamy will work on the project until July 4, 2026.
In the X post, Musk said all actions taken by the Department of Government Efficiency will be posted online to ensure maximum transparency.
“Anytime the public thinks we’re cutting something important or not cutting something wasteful, let us know,” Musk said. “We’re also going to have a ranking of the dumbest spending of your tax dollars. It’s going to be both incredibly tragic and incredibly entertaining.”
A CoinDesk analysis pointed out in mid-October that DOGE trading is attracting investor interest due to its addictive nature, and that there will likely be more discussion about “DOGE” in mainstream media and retail trading circles, thereby attracting attention and interest in the token.
DOGE price has increased by nearly 250% in the past 30 days, reaching 2021 levels on Tuesday, and traders are now eyeing $1 as a long-term price target.
