Dogecoin (DOGE) surged over 500% following an unexpected announcement on Tuesday by President-elect Donald Trump, who confirmed the establishment of the Department of Government Efficiency, or D.O.G.E., appointing technology entrepreneur Elon Musk and politician Vivek Ramaswamy to lead the new initiative. The department aims to streamline government spending and operations with an entrepreneurial approach.
The D.O.G.E. initiative, which is being led externally by Musk and Ramaswamy, seeks to overhaul federal bureaucracy, reduce excess regulations, and eliminate wasteful expenditures. “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,” Trump said in a statement on Truth Social, calling the department essential to his “save America” agenda.
Musk further commented on X that all Department of Government Efficiency actions would be made public for maximum transparency. He even proposed a “leaderboard” tracking instances of what he described as the most excessive government spending, adding, “This will be both extremely tragic and extremely entertaining.”
Dogecoin, originally a meme cryptocurrency, saw a massive price boost following the announcement, with a 250% increase over the past 30 days, reaching levels last seen in 2021. The DOGE trading community is now setting its sights on the $1 mark as a potential long-term target, driven by the newfound relevance and real-world ties to government reform. Musk and Ramaswamy are slated to work on the D.O.G.E. project until July 4, 2026.
