Donald Trump Announces Musk and Ramaswamy to Lead DOGE
President-elect Donald Trump has announced that Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy will head the Department of Government Efficiency (DOGE), a new federal agency aimed at transforming the structure and operations of the US government.
DOGE aims to reduce bureaucracy, unnecessary spending, and modernize government processes in partnership with the private sector, marking a departure from traditional methods while also referencing Dogecoin.
This announcement has contributed to the continued surge of Dogecoin, with its price surpassing $0.40 once again following a more than 100% increase over the week.
Entrepreneurial Approach to Reduce Bureaucracy
The newly-formed federal agency named DOGE, in reference to the memecoin, intends to operate with an entrepreneurial spirit and aims to rethink the role of government with the support of the White House and the Office of Management and Budget. The goal is to reduce unnecessary spending and streamline processes, marking a clear departure from traditional methods.
The idea of establishing an organization dedicated to government efficiency was previously mentioned by Elon Musk, particularly during Trump’s re-election campaign, to which he provided financial support and attended rallies. Known for his support of Dogecoin, Musk was eagerly associated with this project that shares the same acronym as the popular digital currency.
Rise of Dogecoin and Mixed Reactions
Since Donald Trump’s election, Dogecoin has experienced a remarkable surge. With a price exceeding $0.40, its price has increased by 136% over the week. The market capitalization of DOGE now stands at nearly $60 billion, reflecting the market’s euphoria in response to these political and economic developments.
Political leaders have had diverse reactions. Vivek Ramaswamy, Trump’s former Republican primary opponent before supporting him, shared the news on X, stating, ‘We will not surrender without a fight.’ Meanwhile, Elon Musk took a jab, saying, ‘A threat to democracy? No, a threat to bureaucracy!’
However, Democratic Senator Elizabeth Warren, a fierce critic of cryptocurrencies, expressed skepticism. She mocked the fact that the new agency would be led by two people:
“The Bureau of Government Efficiency is off to a good start: two people doing the work of one. Truly efficient indeed.”
This remark comes after her victory against pro-crypto candidate John Deaton during her reelection for a fourth term in the Senate.
DOGE T-Shirts by Donald Trump and Elon Musk
President-elect Donald Trump is now selling DOGE t-shirts after appointing billionaires Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE).
The ‘Trump DOGE T-Shirt,’ depicting Elon Musk and Donald Trump in front of a Shiba Inu dog, clearly aligns with Dogecoin.
