Dogecoin (DOGE) has recently maintained a consolidation after a rapid rise over six weeks. This significant rebound was initially driven by investors' speculation about Donald Trump's potential victory in the U.S. presidential election, also known as the 'Trump trade.' After Trump's successful election, the Department of Government Efficiency, led by Elon Musk, sustained market vitality, with Musk being a well-known supporter of the Dogecoin community.

December 5 will be a key day for Dogecoin, with the cryptocurrency market highly attentive. It is expected that on this day, Musk and Vivek Ramaswamy will speak to Congress members and present proposals at an important event in Washington, D.C., which is anticipated to have a profound impact on Dogecoin's price.

The establishment of the Department of Government Efficiency and its activities significantly influenced Dogecoin's market performance. After Musk was appointed CEO of Dogecoin, the price immediately jumped by 15%; with subsequent support and activities, the price increased by another 120% within a week, further driven up by discussions on social media and Musk's financial support.

Louisiana House Speaker Mike Johnson revealed that Musk and Ramaswamy plan to discuss a plan to achieve regulatory rollbacks, executive cuts, and cost savings with Republican leaders at the meeting on December 5. The two have formulated a series of ambitious reform plans for DOGE, including significant cuts to federal staff numbers, and the closure of numerous federal agencies and regulatory bodies.

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