Newly elected US President Donald Trump has appointed two prominent crypto supporters – technology mogul Elon Musk and former Republican presidential candidate Vivek Ramaswamy – to head a new initiative, the Department of Government Efficiency (DOGE).
On November 13, Trump announced on his Truth Social platform that he aims to eliminate government inefficiencies, reduce excess regulations, and streamline federal spending through DOGE. The Republican compared DOGE’s mission to the World War II Manhattan Project and described it as a core part of his “Save America” campaign.
DOGE
DOGE’s primary goal is to significantly reduce “waste and fraud” in the U.S. government’s $6.5 trillion annual budget. The department is expected to operate independently. However, it will work extensively with the White House and the Office of Management and Budget to guide structural reforms.
Trump expressed confidence in the impact of this initiative and envisioned “a smaller, more efficient government with less bureaucracy” by July 4, 2026. Interestingly, this date coincides with the 250th anniversary of the American Declaration of Independence.
Musk and Ramaswamy – both ardent Trump supporters – bring a unique perspective to the initiative. Musk publicly supported Trump’s campaign and appeared at rallies, while Ramaswamy supported Trump after he dropped out of the presidential race. Both have been strong proponents of crypto, underscoring their progressive approach to government reform.
Public involvement
In a November 13 statement on X, Musk pledged transparent operations, pledging that DOGE will post all updates online to allow for public feedback. He stated:
“Anytime the public thinks we’re cutting something important or not cutting something wasteful, let us know!”
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Echoing this sentiment, Ramaswamy shared that DOGE will soon invite public submissions on examples of government waste and abuse. He said:
“Americans voted for substantive reform, and they deserve to play a role in making it happen.”
Dogecoin price
Trump’s choice to name the department DOGE sparked a wave of enthusiasm among Dogecoin supporters, given the meme crypto’s cultural resonance.
Despite the excitement, Dogecoin’s price fell 10% after a recent rebound that pushed its value to a three-year high. According to Crypto Slates According to data, the memecoin was trading at $0.37 at the time of writing.
Meanwhile, market observers believe that Musk’s involvement in DOGE could bode well for the memecoin, given his strong support for the asset and the looming bull market.
