1 week ago
5
What could Elon Musk’s Dogecoin-infused approach bring to Washington as he leads the DOGE Department with Vivek Ramaswamy?
Elon Musk and the rise of “DOGE” in the U.S. politics
Elon Musk and Dogecoin (DOGE) are unconventional players in American politics, yet the latest election results have thrust them into the spotlight.
On Nov. 12, President-elect Donald Trump announced the creation of the Department of Government Efficiency, a new initiative aimed at streamlining federal operations.
Musk, the visionary CEO of Tesla and SpaceX, along with biotech entrepreneur and Republican figure Vivek Ramaswamy, will head this newly established department.
Musk’ support for the Trump campaign has been well-documented, while Ramaswamy gained attention during the 2024 Republican primaries by proposing bold cuts to federal spending, including a reduction of over 75% of the federal workforce.
Head of the Department of Government Efficiency Vivek Ramaswamy, alongside Elon Musk, says he plans to reduce the number of federal bureaucrats by 75%. pic.twitter.com/HVs8sEu7nI
— Leading Report (@LeadingReport) November 13, 2024Together, they aim to bring their private-sector principles into public administration, with Musk declaring that their efforts will send “shockwaves through the system.”
Interestingly, the acronym “DOGE” is a playful nod to Dogecoin, the cryptocurrency Musk has publicly championed since 2020. Originally created as a humorous digital token, Dogecoin’ value has frequently surged following Musk’ statements and endorsements.
Inside the mission of DOGE
The newly formed Department of Government Efficiency is a bold effort to address a longstanding American challenge: curbing government waste and cutting through bureaucratic red tape.
Unlike conventional approaches that expand the government to tackle such issues, President-elect Trump’ vision for DOGE is rooted in building a streamlined, cost-effective government that functions more like a well-run business.
So, what exactly will DOGE do? Unlike traditional federal departments, DOGE is structured as a special advisory body, operating with a lean staff and a results-driven focus.
Musk and Ramaswamy’ mandate is to identify inefficiencies across federal agencies, reduce redundant functions, and propose cuts to programs that don’t deliver clear value.
Working closely with the White House and the Office of Management and Budget, Musk and Ramaswamy will review the country’ $6.5 trillion budget with a goal to implement deep cuts without compromising essential services.
Musk has suggested that by streamlining processes and merging agencies with overlapping roles, the initiative could save as much as $2 trillion.
Elon Musk on D.O.G.E:
"I think we can reduce the annual federal budget by atleast $2 trillion per year. Your tax money is being wasted and the Department of Government Efficiency is going to fix that."
With Musk’ reputation for disruption in industries from automotive to aerospace, there’s anticipation that DOGE may employ innovative tools and strategies rarely seen in government.
All actions of the Department of Government Efficiency will be posted online for maximum transparency.
Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!
We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0
DOGE’ work is set to be completed by 2026, allowing two years for Musk and Ramaswamy to experiment with and refine these efficiency measures.
The timeline for completion coincides with America’ 250th anniversary of independence, adding symbolic weight to the goal of a “reformed government” in time for this milestone.
Dogecoin captured the spotlight again
Since the announcement of the Department of Government Efficiency, Dogecoin has experienced a remarkable price surge, returning to the public spotlight.
As of Nov. 13, Dogecoin trades at approximately $0.38 — a 100% increase within just a week. On Nov. 12, it reached a multi-year high of $0.4359, a dramatic rise from $0.10 just a month prior, marking a staggering 336% climb over this short period.
Dogecoin Price Chart | Source: crypto.newsThis isn’t Dogecoin’s first time in the limelight, thanks largely to Musk’s influence. Known as the “Dogefather” in cryptocurrency circles, Musk propelled Dogecoin to prominence in 2020 and 2021 through frequent social media posts.
His tweets and public comments helped drive Dogecoin to an all-time high of $0.74 in May 2021, reflecting a nearly 15,000% increase from its $0.005 price at the start of that year.
Dogecoin’ appeal stems partly from its playful origins. Created in 2013 as a humorous take on Bitcoin (BTC), it was intended to poke fun at the speculative nature of cryptocurrency.
However, by 2021, Dogecoin had become a serious vehicle for speculation itself, powered by a community that found Musk’ promotion both amusing and compelling.
Even as the crypto market saw a downturn later that year, the “Doge Army” — Dogecoin’ dedicated supporters—remained loyal, often holding the coin with a “to the moon” mindset.
Now, with Musk re-entering the spotlight through DOGE, Dogecoin’ value has soared once again.
Although there is no formal connection between the Department of Government Efficiency and Dogecoin, the cryptocurrency, Musk’s history of backing Dogecoin has sparked renewed speculation.
His recent tweet following the announcement, “Threat to bureaucracy, not democracy,” has been widely interpreted as a nod to Dogecoin’ rebellious spirit.
Since Trump’ election victory, Dogecoin has climbed over 150%, reflecting how Musk’ involvement in government could unexpectedly influence the crypto markets.
Crypto’s new surge in the 2024 election cycle
The 2024 election cycle has been one of the most consequential for the crypto community, fueled by Trump’ outspoken support for digital assets and his commitment to involving high-profile crypto advocates like Musk in his administration.
For a market driven by sentiment and speculation, this alignment has brought fresh momentum to the entire crypto ecosystem, boosting both meme coins and established assets like Bitcoin.
Bitcoin, the largest cryptocurrency, is currently trading at $91,000 as of Nov. 13, breaching the psychological benchmark of $90,000. This marks a record high, up sharply from $38,000 at the start of the year, reflecting year-to-date gains of over 140%.
While meme coins like Dogecoin remain high-risk, high-reward assets, largely driven by public sentiment and social media trends rather than traditional financial metrics, current market momentum and Musk’ new governmental role are beginning to blur the line between “joke” currencies and mainstream assets.
The influence of DOGE in Washington could shape the future of digital assets, potentially altering public perceptions and the trajectory of the crypto market.
English (US) · 