Elon Musk has once again grabbed the attention of the market with his latest post about the Directorate of Government Efficiency (D.O.G.E.). In a social media post, the Tesla CEO stated that he aims to reduce the spending of the “federal government,” which he called “a big mess.” This has caused a stir among crypto enthusiasts, especially since the acronym D.O.G.E. is similar to the name of the popular meme coin Dogecoin.
What is the Department of Government Efficiency (D.O.G.E.)?
After Donald Trump won the election, the focus was on this administration, which aims to reduce government spending and make operations more efficient and at lower costs.
The topic got more interesting after Trump appointed Musk and Vivek Ramaswamy to manage the project, which made people discuss the impact of these events on the crypto market.
The administration explained that the federal government spends 80% of its $100 billion IT budget on expensive, hack-prone legacy systems. Musk commented on the matter, saying: “It’s time to clean up this big mess.”
Musk's impact on Dogecoin
Due to the similarity of the name of the administration to the Dogecoin currency, there has been a wide discussion in the crypto community. Musk is known for his support of DOGE, which has recently raised its price.
But today the price of the coin fell by more than 5% with a general collapse in the crypto market.
However, experts are optimistic and believe that Dogecoin could reach $1.05 soon.
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