Dogecoin Soars Following Trump’s DOGE Initiative with Musk and Ramaswamy
Dogecoin has surged significantly in value following President-elect Donald Trump’s announcement of the new Department of Government Efficiency (DOGE), which will be led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy. The cryptocurrency saw a spike of nearly 20% after the announcement, marking a remarkable 153% increase since Election Day, contrasting with a 30% rise in bitcoin during the same period. This places Dogecoin as the sixth-largest cryptocurrency by market capitalisation.
In his statement, Trump emphasised the department’s goal of dismantling inefficiencies within federal governance, promoting the leadership of Musk and Ramaswamy as pivotal to slashing regulations and wasteful expenditures. This initiative has been described by Trump as possibly the “Manhattan Project of government reform,” highlighting the ambitious nature of the undertaking.
Musk, who has a history of influencing Dogecoin’s market performance through social media, appears to be integral to the department’s operations. He previously suggested the creation of a government efficiency commission and has more recently referred to the DOGE initiative as a way to monitor and improve federal agency operations.
Market speculation around Dogecoin’s future seems optimistic, as analysts predict the coin could potentially reach $1. As of mid-November, Dogecoin traded near $0.43, with some forecasts anticipating its price could break previous all-time highs. Sustained market interest, driven by retail investor optimism and Musk’s involvement, has bolstered Dogecoin’s momentum, amid significant whale activity noted in trading patterns.
The establishment of DOGE has been met with a mix of enthusiasm and scepticism, particularly regarding ethical implications and the practicality of reforming a massive federal bureaucracy within a defined timeframe, aiming to achieve results by July 4, 2026. Observers are keen to see whether Musk and Ramaswamy can fulfil Trump’s ambitious vision, transforming the federal government while simultaneously navigating regulatory complexities.
Dogecoin spikes after Trump announces a Department of Government Efficiency — DOGE
Dogecoin shot higher on Tuesday night after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency.
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