Not long ago, when Trump was about to officially win the US presidential election, Musk tweeted in advance to celebrate. In the picture, Musk entered the White House holding a washbasin. After the picture was released, Musk has now "entered the cabinet" as he wished.
According to public documents, Trump issued a statement today saying that Elon Musk will work with American patriot Vivek Ramaswamy to lead the upcoming Department of Government Efficiency (DOGE).
As soon as the news was announced, market data showed that Dogecoin DOGE, which has the same name as the department's abbreviation, rose again from US$0.36 to above US$0.4.
The Government Efficiency Department is officially launched, and all actions will be released online
Musk's plan for the Department of Government Efficiency, an initiative he co-sponsored with former President Donald Trump, was in the works long before Trump was elected to conduct a comprehensive financial audit of the federal government and make recommendations to reduce waste, fraud and unnecessary spending.
In September this year, Trump officially stated in a speech at the New York Economic Club that if elected president, he would co-found a government efficiency department with Musk. Therefore, this document announcement is just a formal announcement that is a natural outcome.
Trump has high expectations for it, saying it could become the "Manhattan Project" of our time. Republican politicians have long dreamed of the goal of "DOGE". In order to promote this drastic change, the Department of Government Efficiency will provide advice and guidance from outside the government and work with the White House and the Office of Management and Budget to promote large-scale structural reforms and create an unprecedented entrepreneurial government.
The final statement also said, "Their work will be completed no later than July 4, 2026, resulting in a smaller, more efficient, and less bureaucratic government that will be the perfect gift to America on the 250th anniversary of the (Declaration of Independence)."
After Trump's statement was released, Musk tweeted about the government efficiency department and said that his department is not a threat to democracy, but a threat to bureaucracy. He also said that if the government cannot be made efficient, the United States will go bankrupt.
He also talked about the next plan, all the actions of the Government Efficiency Department will be published online to achieve maximum transparency. If the public thinks that the department is cutting important things or not cutting wasteful things, they can inform the Government Efficiency Department. In addition, the Efficiency Department will also launch a ranking of the craziest and stupidest spending of citizens' tax dollars.
The Department of Government Efficiency and a host of meme coins
It’s no coincidence that the Department of Government Efficiency is abbreviated as D.O.G.E. It was inspired by the Dogecoin community, and Musk called the name perfect in an August Twitter interaction.
Today, Musk also officially announced the logo of the Ministry of Government Efficiency with an image of a puppy.
At this point, Dogecoin is officially tied to the Department of Government Efficiency. In addition to the positive developments for Musk and his companies in the future, many actions of this department will also add heat to the rise of Dogecoin.
After Trump was elected president, Dogecoin has been rising all the way, from $0.18 to $0.438 recently before falling back. Today, under the influence of Musk's tweet, it stopped falling and rose again to above $0.4, with a one-hour increase of more than 6%.
Dogecoin is the first Internet meme-based cryptocurrency, originally released by Jackson Palmer and Billy Markus on December 8, 2013. In the last cycle, Musk personally mentioned DOGE in tweets many times, and even supported DOGE as a means of payment for his company. Under the favorable influence, DOGE rose from the bottom of $0.00113 to $0.73995, an astonishing increase of more than 600 times.
D.O.G.E., a meme coin on the Solana chain that is similar to Dogecoin, briefly broke through $5, with an increase of nearly 300% in 1 hour.
It is worth mentioning that today, when responding to netizens questioning the necessity of his department, Musk said, "America was saved by a squirrel and meme coins." Influenced by this tweet, the meme coin PNUT, which is based on the squirrel, also briefly rose to above $0.9, soaring more than 80% in a day, and its current market value has risen to above $800 million.
It is unknown how the Department of Government Efficiency co-led by Musk will perform in the future, but it is undoubtedly attracting global attention. The meme coins under its influence may have their own highlight moments in the future.
