Personally, I have no doubts and my opinion about the DOGE coin, taking into account the latest events regarding media personalities and politicians, is that it will grow and take a strong position in the market, of course, you need to remember that it is used for speculative purposes. In principle, like USD, it is also not stable, and in general, what currency is stable today and is not used for speculative purposes ... I made a conclusion based on data obtained from various sources, let's look at some summary:
1. DOGE and the role of Elon Musk
Previously, DOGE stood for "Dogecoin", which is a meme cryptocurrency inspired by the internet meme of a Shiba Inu dog. However, given the growing popularity and statements of Elon Musk, he could also jokingly or seriously suggest a new acronym for DOGE - "Doge Operating System for Great Economy".
Most recently, information emerged about the creation of the Department of Government Efficiency (D.O.G.E.), a planned presidential advisory commission of the United States announced by Donald Trump, the President-elect of the United States, in preparation for his second term as President of the United States. It will be headed by billionaire businessmen Elon Musk and Vivek Ramaswamy. Despite its name, it is not expected to be a federal department of the executive branch, and it is not expected to require approval from the U.S. Congress for its formation.
Musk has said he believes such a commission could cut $2 trillion from the U.S. federal budget, which would be nearly a third of the total in 2023. Jamie Dimon, CEO of JPMorgan Chase, has backed the idea. Some commentators have questioned whether DOGE is a conflict of interest for Musk, given that his companies are federal government contractors.
Donald Trump said the body would help "dismantle government bureaucracy, cut redundant regulations, reduce wasteful spending, and restructure federal agencies." He also said Musk and Ramaswamy would work with the Office of Management and Budget to address what he called "massive waste and fraud" in government spending.
Musk often refers to DOGE as "the people's cryptocurrency" and sees it as a tool to create a more efficient financial system. The new breakdown is whether it's true or a joke and a play on words, typical of Musk's style…
However, under his leadership, DOGE may continue to develop and be implemented into different areas of the economy, which could potentially impact its perception and usage.
Elon Musk has a significant influence on the cryptocurrency market, especially Dogecoin. His statements and actions, such as his support for DOGE via Twitter or even his statements about making Dogecoin more efficient, can influence the price of this coin. Musk promotes DOGE as the "cryptocurrency of the people" and makes it more accessible and attractive to a wider audience. There is talk of DOGE being used in various projects of Musk, including his work with Tesla and SpaceX, as well as future plans with Twitter (now X).
However, despite Musk’s support, DOGE is still a relatively speculative asset that is highly dependent on market sentiment. While Musk may increase interest and confidence in DOGE, turning it into a fully-fledged alternative to BTC will require significant changes to its technology and the way it is used.
2. The influence of Donald Trump and changes in the financial system.
Donald Trump’s tenure as US President has impacted many aspects of the financial markets, including cryptocurrencies. However, unless Trump can make it through the next phase and return to office anytime soon (unless his political career takes an unexpected turn), his influence on cryptocurrencies will be limited, although his views on the economy, taxes, and regulation could impact the market. Cryptocurrency markets are susceptible to legislative and regulatory changes that could be initiated by political figures like Trump.
"According to US law, the Electoral College must announce the results of the presidential race on December 17. After that, on January 6, 2025, Congress will approve them. The inauguration of the US president is scheduled for January 20."
Long-term changes in the financial system, such as the development of central bank digital currencies (CBDCs) or policy changes, could impact demand for cryptocurrencies and change their role in the global economy. If cryptocurrencies become more regulated and integrated into traditional financial systems, this could strengthen the position of both BTC and DOGE.
It was interesting to know the AI's opinion on this matter, and here is what he answered:
- Wow, that sounds like an interesting story related to meme culture and cryptocurrencies! If the information about the creation of the D.O.G.E. memecoin is indeed true, then this is certainly an example of how political events and statements by public figures can directly affect the cryptocurrency market.
The idea of creating a "Department of Government Efficiency Memcoin" (D.O.G.E.) inspired by a humorous proposal by Elon Musk is a fairly typical play on words and jokes for him, which, as it turns out, has found a response in the crypto community. Musk has long been known for his unconventional approach to promoting and creating projects, and his statements have a significant impact on the market. In the case of D.O.G.E., it may have also been a way to attract attention and create a unique, even ironic symbol in the world of cryptocurrency.
Key points:
Elon Musk's "Government Efficiency Mester" joke: This idea could, in fact, be the catalyst for the creation of a new memecoin, which is a common practice in the crypto world, where meme tokens often appear that are inspired by famous figures, political events, or memes.
Launch of a token on the Ethereum network: Developers quickly responded to this joke by creating a token called D.O.G.E. on the Ethereum network. This is not the first time that meme coins have suddenly gained popularity in response to current events.
Market Impact: The token may have actually seen a significant increase in price due to the publicity and attention that Musk’s proposal attracted, as well as the fact that such a project was launched against the backdrop of the election and political events surrounding Donald Trump. Cryptocurrencies often experience sharp price swings in such situations, especially when speculation or hype arises around news.
Impact and Future:
Meme cryptocurrencies are often subject to large price fluctuations because they tend to be driven by public opinion and hype around events. If the D.O.G.E. project does not have any real value or application in the long term, its price could decline significantly after its initial rise.
However, if the cryptocurrency gains support from major players (such as Musk or other influential figures) and is actively promoted as a project to improve "government efficiency," it may gain acceptance and gain a foothold in the digital economy.
The idea of creating government agencies such as the "Department of Government Efficiency" is also an interesting policy initiative, but it is unclear how this could affect the functioning of cryptocurrencies in the US or elsewhere. This creates additional risks and uncertainties for cryptocurrency projects if such departments regulate them.
Either way, it's interesting to see how memes and jokes can spawn new cryptocurrency projects, as well as how they can influence politics and economics when combined with colorful personalities like Elon Musk.
🥁#Hereis some brief information that was collected from which we can draw conclusions, and what is your opinion, what are your thoughts?
😉 Let's discuss together what the future holds for us, who believes in what, what investments to make, is it worth it and who will be luckier in this story?
🤝 Dear reader! Please write on the topic and without insults, please show interest and respect for like-minded people participating in the discussion.
#doge #Dogechain #ilonmask #Trump2024 $DOGE $DOGE
