President Donald Trump approved the creation of the Department of Government Efficiency (DOGE) to reduce government expenditures and improve federal efficiency. Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy will jointly head the new department as part of Trump’s Save America program, which seeks to trim down federal expenditures and bureaucracy in Washington.
Leaders of Efficiency
The department aims to reduce bureaucracy, develop fewer rules and regulations, and, therefore, reduce government spending. Trump defined the new department as an organisation that would keep the government efficient and avoid redundancies and excessive bureaucracy. Trump pointed out that Musk and Ramaswamy will spearhead achieving these goals as leaders.
Upon the announcement, Ramaswamy revealed that DOGE will soon launch a campaign to crowdsource government waste, fraud, and abuse instances. He said this would enable Americans to point at specific areas where there is wastage and help change how the government spends money. Ramaswamy also tweeted at Musk, stating that “ We will not go gently”.
Musk agreed with Ramaswamy’s statement and said that the effort would dramatically change the system. He said the project might reveal inefficiencies and influence government spending behaviours.
Dogecoin’s Market Surge
After the announcement, the price of Dogecoin, a meme-based cryptocurrency largely influenced by Musk, surged wildly. Dogecoin experienced a 12.82% price jump immediately after news of DOGE came into the market, and trading volumes surged as investors responded.
Dogecoin could be preparing to break upwards, with possible gains of as much as 45%. On Wednesday, analyst Ali Martinez posted on X that the crypto is in a bull flag pattern in the short-term trading chart. This pattern indicates strong support at $0.35. If Dogecoin continues to support its current price, it has the potential to rise to around $0.56.
Thus, as the DOGE project is underway, the people of America and investors are observing it. Musk and Ramaswamy’s idea of a new government could revolutionize the functioning of federal agencies in Washington, D.C.
