About two weeks ago, Musk shared a meme claiming that mainstream media will need to say the name “DOGE” to cover his upcoming role. In other words, a great deal of free marketing for the memecoin of the same name.
Elon Musk e DOGE. Fonte: Elon Musk/X.
Donald Trump, elected US president in the last elections, announced the creation of the Department of Government Efficiency this Wednesday (13). In English, the acronym for the department will be DOGE, as is the case with the cryptocurrency Dogecoin.
The department will be led by Elon Musk, who has been toying with that name for days, as well as Vivek Ramaswamy, an American politician who is also a Bitcoin advocate.
Due to Musk's involvement in the current government, DOGE was one of the cryptocurrencies that rose the most in the last month. The billionaire has been promoting the memecoin for years and has previously stated that he does so because employees of his companies are investors, making it a "people's currency."
Donald Trump announces creation of ‘DOGE’
Trading at US$0.39, Dogecoin is currently the 6th largest cryptocurrency on the market, surpassing more serious and famous projects such as XRP, Cardano and Tron. Up 99.5% in the last 7 days, the euphoria is linked to Donald Trump's election as US president.
This Wednesday (13), Trump announced the creation of the Department of Government Efficiency (DOGE), until then considered a joke.
“I am pleased to announce that the Great Elon Musk, working together with American patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (“DOGE”).”
“Together, these two wonderful Americans will pave the way for my Administration to dismantle government bureaucracy, cut excessive regulations, slash wasteful spending, and restructure federal agencies — essential to the ‘Save America’ movement,” Trump continued.
The text points out that this work must be completed by July 2026 to limit the current government spending of US$6.5 trillion annually.
About two weeks ago, Musk shared a meme claiming that mainstream media will need to say the name “DOGE” to cover his upcoming role. In other words, a great deal of free marketing for the eponymous memecoin.
Dogecoin continues to rise and targets 2021 top
Just like in 2021, when Elon Musk started promoting Dogecoin, today the memecoin is rising in a straight line on the price charts. According to data from CoinMarketCap, DOGE is being traded at $0.39 on the largest exchanges in the market.
Dogecoin (DOGE) rises in a straight line as Donald Trump announces the creation of the DOGE department and the hiring of Elon Musk. Source: CoinMarketCap.
This week, Musk even mentioned support for the “end of the US Federal Reserve” using an emoji.
“The Executive Branch must be under the direction of the president. This is how the Constitution was designed,” wrote Mike Lee. “The Federal Reserve is one of many examples of how we have deviated from the Constitution in this regard. Yet another reason to end the Fed. #EndWithOFed”