In the latest developments, House Speaker Mike Johnson has confirmed that Musk and Ramaswamy will meet with Republican members of the House and Senate on December 5. They will come to Capitol Hill next week to present key reform proposals from the Department of Government Efficiency (DOGE).
Following Trump's anticipated victory, Elon Musk and Vivek Ramaswamy have been chosen to lead the newly established Department of Government Efficiency. They aim to cut federal spending by 2 trillion dollars. Notably, Bitcoin has shown an impressive price surge up to 100,000 dollars and DOGE reached a three-year high after Trump's victory.
Dogecoin has surged over 10% after President-elect Donald Trump revealed that Elon Musk and former Republican presidential candidate Vivek Ramaswamy would lead DOGE.
DOGE has gained bipartisan interest.
Trump has noted that DOGE will lead the administration to dismantle the government's bureaucratic machinery, loosen redundant regulations, cut spending, restructure federal agencies, and more. Notably, the Department of Government Efficiency (DOGE) will propose key proposals to reform government regulations and agencies. Analysts believe Dogecoin's price could exceed the 1 dollar threshold and go further with a strong surge to 2.2 dollars.
Representative Ro Khanna, D-Calif., and Senator Joni Ernst, R-Iowa, are rallying support for President-elect Donald Trump's Department of Government Efficiency. Bipartisan interest in DOGE underscores the increasing momentum for cutting federal spending and enhancing accountability in government operations.
Additionally, DOGE has received support from numerous private sector leaders, including venture capitalist Marc Andreessen, hedge fund manager Bill Ackman, and former Uber CEO Travis Kalanick.
"We are entrepreneurs, not politicians. We will serve as outside volunteers, not federal officials or employees. Unlike government committees or advisory boards, we will not just write reports or cut ribbons. We will cut costs," Musk and Ramaswamy noted in an op-ed for the Wall Street Journal.
Musk's activities and statements in the political arena are increasing, and he even publicly stated that he would fire some federal employees when Trump takes office.
However, critics have raised concerns about the transparency and oversight of DOGE, as the project relies on volunteers from the private sector rather than traditional government officials.
Musk emphasized the impact of the Biden administration.
In the latest post on X, Musk highlighted how the Biden administration is impacting economic growth and business. Ramaswamy and Musk criticized the government as citizens and businesses were forced to withdraw from banks. Cryptocurrency executives, including David Marcus, head of Facebook's Libra project, revealed how the government politically killed the stablecoin Diem.
In light of the latest developments, analyst Bluntz Capital has predicted that Dogecoin's price will increase by 420% to 2.2 dollars. Another leading analyst, Rekt Capital, noted that the Dogecoin price chart has formed a 'bullish ascending triangle' on the daily chart, implying that it could enjoy another influx of capital. He added that DOGE needs to close the week above 0.43 dollars to confirm a breakout to 1 dollar. Notably, DOGE has formed a 'golden cross' on the 4-hour chart, which could trigger a price surge to 2 dollars.