- Trump confirms Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE)
- DOGE aims to dismantle government bureaucracy, slash regulations, cut wasteful spending, and restructure federal agencies
- Dogecoin’s market cap soared to $60 billion after the announcement, with its price rising 122% in 24 hours
Donald Trump has announced that Tesla CEO Elon Musk and Strive co-founder Vivek Ramaswamy will lead the new Department of Government Efficiency (DOGE). This news comes as the price and market capitalization of Dogecoin, which shares the DOGE ticker symbol, have surged dramatically.
Trump’s Announcement of New DOGE Department Led by Musk and Ramaswamy
In his announcement, Trump stated that Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
The president-elect added that the DOGE department “will provide guidance to drive large-scale structural reform from outside of the US government and take an unprecedented entrepreneurial approach.” It will work closely with the White House and Office of Management and Budget.
Musk had previously discussed creating a DOGE department during Trump’s successful 2024 re-election campaign. Since Trump’s victory, Musk has taken an active role in staffing decisions for the new administration.
Surge in Dogecoin Price and Market Cap
Coinciding with the DOGE department announcement, the price and market cap of Dogecoin have skyrocketed.
In the past 24 hours, the price of Dogecoin has risen 122% to $0.406. It has surged 136% over the past week.
Dogecoin’s market capitalization now sits at $60 billion, according to data from The Block.
The meme-inspired cryptocurrency, which Musk has long been a vocal supporter of, shares the same DOGE ticker symbol as the Department of Government Efficiency. This apparent connection has likely contributed to the recent Dogecoin buying frenzy.
Conclusion
With Musk and Ramaswamy at the helm, the new DOGE department aims to increase government efficiency through entrepreneurial reforms.
Meanwhile, Dogecoin has seen a massive resurgence. The uncanny symbolic connection between DOGE and Dogecoin has resulted in a price and market cap boom for the memecoin.
