Elon Musk to Join US Government Efficiency Department, Will DOGE Dance Again?

Written by: 1912212.eth, Foresight News

 

Not long ago, just as Trump was about to officially win the U.S. presidential election, Musk posted a tweet celebrating, featuring an image of him entering the White House holding a sink. After this image was released, Musk has now achieved his wish and truly "joined the cabinet."

 

According to public documents, Trump issued a statement today, announcing that Elon Musk and American patriot Vivek Ramaswamy will collaborate to lead the newly formed Department of Government Efficiency (DOGE). Once the news was released, market data showed that DOGE, named after the department's abbreviation, surged from $0.36 to above $0.4. The Department of Government Efficiency has officially launched, with all actions to be announced online. Musk’s plan for the department had been brewing even before Trump’s election. This initiative was co-launched by Musk and former President Donald Trump, aiming to conduct a comprehensive financial audit of the federal government and propose suggestions for reducing waste, fraud, and unnecessary spending. In September this year, Trump formally announced during a speech at the New York Economic Club that, if elected president, he would create the Department of Government Efficiency with Musk. Therefore, this document announcement is just a formal culmination of their plans.

 

Trump has high expectations for the initiative, stating it could become “the Manhattan Project of our time.” Republican politicians have long dreamed of achieving the “DOGE” goals. To drive this significant change, the Department of Government Efficiency will provide external advice and guidance, working alongside the White House and the Office of Management and Budget to push for large-scale structural reforms and create an unprecedented entrepreneurial government. The statement further added, “Their work will be completed no later than July 4, 2026, bringing a smaller, more efficient, and less bureaucratic government—an ideal gift for America on the 250th anniversary of the Declaration of Independence.” After the statement was released, Musk tweeted multiple times discussing the Department of Government Efficiency, stating that the department is not a threat to democracy, but rather to the bureaucracy. He also said that if the government cannot be made more efficient, America will go bankrupt. He further explained that all actions of the department will be posted online to achieve maximum transparency. If the public believes that the department is cutting important things or not eliminating waste, they can inform the department. Additionally, the department will publish a ranking of the most absurd and wasteful taxpayer expenditures.

 

The Department of Government Efficiency and Meme Coins

The Department of Government Efficiency’s abbreviation, D.O.G.E, is no coincidence. It is inspired by the Dogecoin community, and in an August Twitter interaction, Musk called the name perfect. Today, Musk also officially released the department's logo, featuring a dog image.

 

Thus, Dogecoin is now officially linked to the Department of Government Efficiency. In the future, in addition to positive movements from Musk and his companies, many actions from the department will likely fuel Dogecoin’s rise. After Trump’s election, Dogecoin surged, reaching a high of $0.438 from $0.18 before retreating. Today, under Musk’s tweet influence, the coin briefly halted its drop and surged back above $0.4, with a 6% increase within an hour. Dogecoin, the first cryptocurrency based on an internet meme, was initially launched by Jackson Palmer and Billy Markus on December 8, 2013. During the last cycle, Musk personally promoted Dogecoin multiple times on Twitter, even supporting it as a payment method for his companies. Due to this positive sentiment, Dogecoin surged from $0.00113 to $0.73995, a staggering increase of over 600 times. A similar meme coin on the Solana blockchain, D.O.G.E, briefly surpassed $5, with a 300% increase in just one hour. Notably, today, when responding to critics questioning the necessity of his department, Musk said, “America was saved by a squirrel and meme coins.” Following this tweet, the meme coin PNUT, based on a squirrel, briefly spiked above $0.9, surging more than 80% within the day, with its market value exceeding $800 million. The future performance of the Department of Government Efficiency, led by Musk, remains uncertain, but it is undoubtedly drawing global attention. Under Musk’s influence, a number of meme coins may soon have their moment to shine.

 

This article is sourced from foresightnews:

https://foresightnews.pro/article/detail/71394

AIC Team

2024/11/18