President-elect Donald Trump has appointed ELON Musk and Vivek Ramaswamy to lead the newly formed Department of Government Effectiveness (DOGE).
Musk mentioned creating a ranking of the most ineffective government spending, combining transparency with public engagement.
The announcement and use of "DOGE" has significantly boosted dogecoin's memetic fundamentals, with traders setting a long-term target of $1.
The hype around Dogecoin (DOGE) has seen prices rise by over 500% and became reality on Tuesday, demonstrating how memetic bets can be a powerful trading thesis.
President-elect Donald Trump announced Tuesday that he has nominated Vivek Ramaswamy and ELON technology entrepreneur Musk to lead the new Department of Government Efficiency (DOGE), which aims to make government spending and administration more efficient.
The duo will work outside government, offering advice and guidance to implement large-scale structural reforms and create an "entrepreneurial approach to governance never seen before."
“Together, these two great Americans will pave the way for my Administration to dismantle government bureaucracy, cut redundant regulations, reduce wasteful spending, and restructure federal agencies, which is critical to the Save America movement,” Trump said in an announcement posted on his Truth Social account.
According to Trump, Musk and Ramaswamy will work on the project until July 4, 2026.
In the X post, Musk said that all actions of the Department of Government Efficiency will be published online for maximum transparency.
“Whenever the public thinks we’re cutting something important or not cutting something wasteful, just let us know,” Musk said. “We’ll also have a leaderboard of the most insanely stupid waste of your tax dollars. It’ll be both utterly tragic and utterly entertaining.”
In mid-October, analysts at CoinDesk noted that DOGE trading was attracting investor interest due to its memetic nature, and that more talk about “DOGE” could emerge in mainstream media and retail circles, fueling attention and interest in the token.
DOGE prices have risen nearly 250% in the last 30 days, hitting 2021 levels on Tuesday, with traders now eyeing the $1 mark as a long-term price target.
