The crypto world got an unexpected boost on Tuesday after President-elect Donald Trump announced that Elon Musk, along with former GOP candidate Vivek Ramaswamy, will head up a new advisory group called the " Department of Government Efficiency" (DOGE for short). Yes, you read that right: “DOGE” — a cheeky nod to Musk’s beloved Dogecoin. And with that, Dogecoin surged over 10% riding high on the wave of Musk’s latest headline-grabbing role.
Dogecoin, the meme-favorite token backed by billionaire Musk, has been one of the top performers in crypto recently, doubling in price over the past five days. The Shiba Inu-themed coin has captured the attention of both crypto enthusiasts and Musk fans.
In August Musk and Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping dogecoin and conducting insider trading, causing billions of dollars of losses.
This DOGE “department,” which is not actually part of the government, will allow Musk and Ramaswamy to consult for the White House, helping to slash spending and inject some of Musk’s entrepreneurial spirit into the federal budget.
According to Trump, the goal is to streamline government with a jolt of outside-the-box thinking, which Musk claims could potentially save over $2 trillion.
For Musk, this is more than just another project — it's a chance to challenge federal red tape without the typical ethical requirements or federal disclosure obligations of government employees. As non-federal workers, Musk and Ramaswamy will be free to bring in their tech-savvy, business-first approach without the bureaucratic red tape that comes with official roles.
Not surprisingly, Musk wasted no time rallying the meme crowd on X. “Department of Government Efficiency. The merch will be ??,” he posted, later adding, “Threat to democracy? Nope, threat to BUREAUCRACY!!!” And for those wondering, Musk has reportedly been a near-constant fixture at Mar-a-Lago since Trump’s election win, fueling speculation that this might just be the beginning of a unique and unexpected partnership.
"I don’t think I can get him full-time because he’s a little bit busy sending rockets up and all the things he does," Trump said at a rally in Michigan in September. "He said the waste in this country is crazy. And we’re going to get Elon Musk to be our cost cutter."
Trump said in his statement the two(Musk and Ramaswamy) will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
As the DOGE (and Dogecoin) buzzes along, the actual details remain foggy. Whether DOGE will operate as an official advisory committee or stay more loosely aligned is still unknown.
Many netizens took to X to share their reactions, with one user quipping, “Elon Musk steps in, and America’s new economic plan involves Dogecoin, Starlink Wi-Fi for all, and electric everything!”
A user on X chimed in on the news of Elon Musk leading the “Department of Government Efficiency,” playfully noting, "Elon Musk supported Dogecoin 3 1/2 years ago… The Dogefather. Enjoying this humorous coincidence!"
Dogecoin, the meme-favorite token backed by billionaire Musk, has been one of the top performers in crypto recently, doubling in price over the past five days. The Shiba Inu-themed coin has captured the attention of both crypto enthusiasts and Musk fans.
In August Musk and Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping dogecoin and conducting insider trading, causing billions of dollars of losses.
This DOGE “department,” which is not actually part of the government, will allow Musk and Ramaswamy to consult for the White House, helping to slash spending and inject some of Musk’s entrepreneurial spirit into the federal budget.
According to Trump, the goal is to streamline government with a jolt of outside-the-box thinking, which Musk claims could potentially save over $2 trillion.
For Musk, this is more than just another project — it's a chance to challenge federal red tape without the typical ethical requirements or federal disclosure obligations of government employees. As non-federal workers, Musk and Ramaswamy will be free to bring in their tech-savvy, business-first approach without the bureaucratic red tape that comes with official roles.
Not surprisingly, Musk wasted no time rallying the meme crowd on X. “Department of Government Efficiency. The merch will be ??,” he posted, later adding, “Threat to democracy? Nope, threat to BUREAUCRACY!!!” And for those wondering, Musk has reportedly been a near-constant fixture at Mar-a-Lago since Trump’s election win, fueling speculation that this might just be the beginning of a unique and unexpected partnership.
"I don’t think I can get him full-time because he’s a little bit busy sending rockets up and all the things he does," Trump said at a rally in Michigan in September. "He said the waste in this country is crazy. And we’re going to get Elon Musk to be our cost cutter."
Trump said in his statement the two(Musk and Ramaswamy) will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
As the DOGE (and Dogecoin) buzzes along, the actual details remain foggy. Whether DOGE will operate as an official advisory committee or stay more loosely aligned is still unknown.
Many netizens took to X to share their reactions, with one user quipping, “Elon Musk steps in, and America’s new economic plan involves Dogecoin, Starlink Wi-Fi for all, and electric everything!”
"Elon Musk steps in, and America’s new economic plan involves Dogecoin, Starlink Wi-Fi for all, and electric everything
— Willow (@julemonz1) November 13, 2024
A user on X chimed in on the news of Elon Musk leading the “Department of Government Efficiency,” playfully noting, "Elon Musk supported Dogecoin 3 1/2 years ago… The Dogefather. Enjoying this humorous coincidence!"
Elon Musk supported Dogecoin 3 1/2 years ago… The Dogefather. Enjoying this humorous coincidence!
— Jelte Schaafsma (@jelteschaafsma) November 13, 2024
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