After supporting him throughout the electoral campaign, finally Elon Musk will have his place in the US government: donald trump made official the creation of the Department of Government Efficiency (DOGE, for its acronym in English). It will be directed by the South African tycoon together with Vivek Ramaswamy, an American businessman who has a net worth of about US$950 million dollarsaccording to Forbes magazine at the end of 2023.
One of the biggest peculiarities of the new department is the name chosen: DOGE is also Elon Musk’s favorite cryptocurrency, created in 2013 inspired by the popular Shiba Inu dog meme. According to the official statement, the organization will aim to end excessive regulations, cut unnecessary spending and restructure US federal agencies.
DOGE: the department headed by Elon Musk
Trump made one of his first strong decisions after winning the election against Kamala Harris. The Republican made official the landing of the owner of Tesla to the North American government.
“This will send shock waves through the system and everyone involved in government waste, which is a lot of people,” Musk said in the official statement. Trump, for his part, assured that this decision has the potential to become the Manhattan project of this era. “Republican Politicians Have Dreamed of ‘DOGE’ Goals for a Long Time“.
To carry out the “large-scale structural reform“, the department will work closely with the White House and the Office of Management and Budget.
“I look forward to Elon and Vivek bringing about changes in the federal bureaucracy, with an eye on efficiency while improving the lives of Americans. We want to end the spending and fraud that exists in the US$6.5 trillion that the government spends annually“said the statement.
The particular name of the new department
The arrival of Elon Musk has one more nod from Donald Trump. The acronym of department will be DOGEjust like the dogecoin cryptocurrency ticker.
Musk declared on repeated occasions that this digital asset is his favorite and the decision made regarding the organization that he will lead together with him is not surprising. Ramaswamy since January 20, 2025.
In this context, Dogecoin reached a new monthly maximum of US$0.3715 in the last hours. This reflects the continued rise of the cryptocurrency sector. Traders are speculating on further gains as Trump moves closer to the Oval Office with Elon Musk as one of his flankers.
The cryptocurrency, which gained popularity in 2021, experienced an increase in its value thanks to the attention it received on social networks and search engines, added to the already mentioned support of Musk and other relevant figures such as the businessman Mark Cuban.
In 2021, Dogecoin started at $0.0047 and quickly reached new heights after becoming a viral topic. Musk’s appearance in “Saturday Night Live” was a milestone for the currency, raising its price to an all-time high before it began to fall.
Various analysts report that the increase in the value of Dogecoin is related to the participation of the Tesla and SpaceX CEO in the next Trump administration. In this way, the South African’s continued support for the Republican’s campaign and the subsequent victory with authority over Kamala Harris may be contributing to the recent interest in Dogecoin.
Source: Ambito
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