With Musk's New Title! Can DOGE Coin Surge Again Because of the 'D.O.G.E. Department'?
Musk's influence spans multiple fields: PayPal founder, electric vehicle pioneer, DOGE Coin whale, and Trump's 'number one supporter.' Recently, he added a new title—Secretary of the Department of Government Efficiency (D.O.G.E. Department) in the U.S. The goal of this new department is to streamline government processes, and its acronym coincidentally matches Musk's beloved DOGE Coin. Interestingly, Musk does not shy away from comparing the D.O.G.E. Department with DOGE Coin on multiple occasions.
In this context, DOGE Coin has once again caught the market's attention. A question arises: can DOGE Coin benefit from this halo effect and see a new surge? What will its key price be?
This article will explore the controversies surrounding DOGE Coin, the potential role of the D.O.G.E. Department, and the possibilities of driving it past key price points.
Call for Investigation into the SEC
Ripple's Chief Legal Officer (CLO) Stuart Alderoty recently urged Musk's D.O.G.E. Department to review the SEC's spending behavior. His call stems from the growing frustration within the digital currency industry regarding the regulatory body's stance on digital assets over the years. Alderoty specifically named SEC Chairman Gary Gensler, accusing the SEC of wasting taxpayer money on enforcement actions whose benefits are questionable.
The History of Controversy Between the SEC and Digital Currency
The controversy between the SEC and the crypto market began under former chairman Clayton and intensified under Gensler's leadership. Especially Ripple, which has been the focal point of this tension, has been embroiled in a long legal battle over whether its XRP token should be considered a security. Industry leaders generally believe that the SEC's enforcement is too arbitrary and aggressive. In a post on X (Twitter), Alderoty compared the SEC's regulatory approach to 'burning down the house to kill the mice.' He also questioned whether Gensler's spending aligns with the public interest, calling for a detailed audit by the D.O.G.E. Department.
What is the D.O.G.E. Department? Why is it Important?
Musk has positioned the Department of Government Efficiency as the cornerstone of his governance philosophy. Aiming to minimize waste, the D.O.G.E. Department seeks to streamline federal operations. The department's agenda includes: Simplifying tax laws: Highlighting the exponential growth of tax law complexity—from 1.5 million words in 1955 to over 16 million today—the D.O.G.E. Department advocates for reforms to alleviate the burden on taxpayers. Increasing transparency: Musk emphasizes that government spending requires greater accountability to meet the public's demand for fiscal responsibility. If the D.O.G.E. Department turns its attention to the SEC, it could mark the dawn of a new era in regulatory oversight—scrutinizing not just private actors but also the regulators themselves.
The Rapid Rise of DOGE Coin
As the D.O.G.E. Department makes headlines in governance, its acronym counterpart DOGE Coin has been stirring waves in the financial market. Driven by Musk's frequent endorsements, it has evolved into an important player in the digital currency sector. DOGE Coin saw a revival in 2024, partly due to optimism about Musk's leadership and a broader bullish trend in the crypto market. The author believes that DOGE Coin has completed a critical technical correction, laying the foundation for upward momentum. Significant rebounds are expected for DOGE Coin. Many now view DOGE Coin as more than just a speculative asset.
Can DOGE Coin Reach $1 by Year-End?
The D.O.G.E. Department saves Americans billions of hours in time loss, while DOGE Coin brings several times the gains to Americans. Using the public opinion tool (X), Musk has embarked on a high-stakes dual gamble—D.O.G.E. Department and DOGE Coin, akin to guessing the two sides of a coin: both are winning sides.
That's all for today's article. Currently, in a bull market with swirling winds, we share crypto insights every day.
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