President Trump’s announcement of a new advisory group “Department of Government Efficiency” (DOGE), co-chaired by Tesla CEO Elon Musk, sparked excitement among Dogecoin supporters. This hype fueled a nearly 40% surge in the cryptocurrency’s value.
What Factors Led to the Formation of the U.S. Department of Government Efficiency?
The Department of Government Efficiency (DOGE) will serve as an advisory group to manage federal agencies’ operations until July 4, 2026. Trump revealed that the body will focus on key goals in his “Save America” movement. “Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies,” he shared.
The advisory group will include Vivek Ramaswamy, once a political rival of Trump but now a close ally. Though independent, the group will work with the U.S. Office of Management and Budget to improve government efficiency and encourage a more entrepreneurial approach to policy. “A smaller government, with more efficiency and less bureaucracy, will be the perfect gift to America,” he added.
Can Elon Musk Bring Trump’s ‘Save America’ Vision to Life?
Musk shared his excitement about the project on social media, suggesting it could cause big changes in Washington. He posted, “This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people!” he also promised that everything the Department of Government Efficiency does will be made public for transparency.
“If the public thinks we’re cutting something important or not cutting wasteful spending, just let us know,” Musk wrote on X. He even suggested creating a “leaderboard” to highlight examples of “insanely dumb spending of your tax dollars,” adding, “This will be both extremely tragic and extremely entertaining.”
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Musk’s growing influence in Washington is raising eyebrows, especially as he still has major business ties through companies like Tesla and SpaceX. He was also a major donor to Trump’s campaign, giving over $118 million.
Will Musk’s Continued Support Drive Dogecoin to $1 and Beyond?
The acronym “DOGE” is closely associated with Dogecoin, the meme-based cryptocurrency. Elon Musk’s vocal support has been instrumental in this altcoin’s rise, often sparking price surges. Earlier this year, however, he found himself in hot water over his influence on the coin’s value. He faced a massive $258 billion lawsuit, accused of profiting at the expense of ordinary investors.
The case stemmed from Musk’s previous actions, such as changing Twitter’s logo to the Doge meme and announcing that Tesla would accept DOGE for merchandise, the Guardian reported previously. Despite the accusations, he was cleared in the case, according to Reuters. Despite the legal issues, his endorsement continues to be a powerful driver for the meme coin’s market activity.
After Trump’s announcement, Elon Musk shared the iconic dog symbol on his social media, and the impact was almost immediate—the altcoin surged, briefly touching nearly 40 cents. Since Election Day, its value has more than doubled, now trading at around $0.30, a solid 70% increase since Tuesday. Despite some minor ups and downs, this meme coin has shown resilience, maintaining stability while other cryptocurrencies experience bigger swings.
Analysts are optimistic: if Musk keeps up his support, they believe Dogecoin could reach the coveted $1 mark. Over the past 30 days, this coin has jumped nearly 250%, revisiting levels reminiscent of its 2021 peak. With this momentum, many traders are now eyeing $1 as a realistic long-term goal.
Conclusion:
Whether DOGE will become part of the federal government or remain independent is still uncertain. However, Trump’s suggestion implies that the department could function as an advisory commission rather than a formal agency. As Musk and Ramaswamy push for efficiency, Dogecoin’s value can rise even more. The cryptocurrency world closely observes how this unique collaboration between technology, government, and digital assets develops.
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