Not long ago, just when Trump was about to officially win the US presidential election, Musk posted a tweet in advance to celebrate, with a picture of him walking into the White House holding a washbasin.
As soon as this picture was released, it attracted widespread attention, and now, Musk has really "joined the cabinet" as he wished.
Trump announced today that Elon Musk will partner with American businessman Vivek Ramaswamy to lead the upcoming Department of Government Efficiency (DOGE), according to newly released documents.
As soon as the news was released, the market reacted quickly, and the price of Dogecoin (DOGE) quickly rose from US$0.36 to more than US$0.4.
The Government Efficiency Department will be officially launched soon, and all relevant information and updates will be published online
The plan for the Government Efficiency Department was actually in the works long before Trump was elected. It is an initiative jointly initiated by Trump and Musk to conduct a comprehensive financial audit of the U.S. federal government and put forward specific recommendations to reduce waste, combat fraud, and control unnecessary spending.
In September this year, Trump revealed in a speech at the Economic Club of New York that if elected president, he and Musk would jointly create this department. Therefore, this announcement is actually just a formal announcement that has been scheduled for a long time.
Trump has high hopes for the new department, saying that the Department of Government Efficiency (DOGE) has the potential to become "the Manhattan Project of our time." He mentioned that Republican politicians have always dreamed of achieving this goal. In order to promote this huge change, the Department of Government Efficiency will introduce external professional advice and work with the White House and the Office of Management and Budget to promote large-scale structural reforms and create a more efficient and entrepreneurial government.
The statement finally mentioned that the work is expected to be completed by July 4, 2026, when the United States will have a leaner, more efficient, and less bureaucratic government. All this will coincide with the 250th anniversary of the Declaration of Independence and will be a "perfect gift" for the United States.
After Trump's announcement, Musk also posted a series of tweets on Twitter, talking about the goals of the Government Efficiency Department. He made it clear that this department is not a threat to democracy, but to fight against the huge bureaucracy. He also emphasized that if the government cannot be made more efficient, the United States may face the risk of bankruptcy.
He also revealed that all actions of the Government Efficiency Department will be published online in an open and transparent manner to ensure that the public can monitor at any time. If anyone thinks that certain cuts are inappropriate or that waste has not been effectively curbed, they can give feedback to the department. The Efficiency Department also plans to launch a ranking of the most ridiculous government spending to let taxpayers know where their money is spent.
It is no accident that the Department of Government Efficiency is called D.O.G.E.
The name was inspired by the Dogecoin community. In August this year, Musk tweeted that the name was "perfect." Today, Musk also officially announced the new logo of the Ministry of Government Efficiency with a dog image, further strengthening the connection with DOGE.
At this point, Dogecoin (DOGE) is officially linked to the U.S. government's Department of Efficiency. In the future, whether it is Musk's personal dynamics or the department's policy actions, it is likely to bring new heat to the price of Dogecoin.
Since Trump was elected president, the price of Dogecoin has soared, from a low of $0.18 to a high of nearly $0.44. Although it has recently pulled back, under the influence of Musk's tweet, Dogecoin rebounded to above $0.4 today, with an increase of more than 6% in just one hour.
Dogecoin is the first cryptocurrency based on the Internet "meme" culture. It was first released by Jackson Palmer and Billy Markus on December 8, 2013. In the last bull market, Musk repeatedly supported Dogecoin on Twitter and even promoted it as one of the payment methods of his company. Influenced by this series of good news, Dogecoin soared from a low of $0.00113 to $0.73995, an increase of more than 600 times.
D.O.G.E., a meme coin on the Solana chain similar to Dogecoin, also broke through $5 in a short period of time, with an increase of nearly 300% in 1 hour.
Interestingly, today Musk joked in response to netizens questioning the necessity of the Government Efficiency Department: "America was saved by a squirrel and meme coins." This tweet immediately sparked the popularity of PNUT, a meme coin based on a squirrel. Its price soared to more than $0.9 in a short period of time, with a single-day increase of more than 80%, and its market value exceeded $800 million.
Although the future development of the Government Efficiency Department led by Musk is still uncertain, there is no doubt that this new department is attracting global attention. Whether it is Musk's remarks or the policy promotion of relevant departments, it may bring new opportunities to a number of meme coins, and perhaps these currencies will have their own highlight moments.
