- Donald Trump appoints Elon Musk to head the Department of Government Efficiency (D.O.G.E.), inspired by Dogecoin.
- DOGE coin rallies to US$0.37, marking a 232% increase, still below its May 2021 high of US$0.73.
- D.O.G.E. will function as an external advisory body to the White House, not a standard government agency.
- Elon Musk and Vivek Ramaswamy will lead D.O.G.E. to cut waste and restructure federal bureaucracy, aiming to eliminate fraud and reduce government expenditure.
The rumours are confirmed: incoming president Donald Trump has appointed Elon Musk as head of D.O.G.E.
The Department of Government Efficiency, abbreviated as D.O.G.E., cleverly nods to Dogecoin, the godfather of all memecoins and a favourite of Musk.
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The news comes after DOGE (the coin) has already rallied to highs not seen since July 2021. DOGE’s rally has seen it go from US$0.11 (AU$0.16) in mid-October to now US$0.37 (AU$0.56), a 232% increase.
While that’s great news for the OG memecoin, DOGE still has some room to reach its all-time high from May 2021, when it traded at US$0.73 (AU$1.11). DOGE has also overtaken XRP in market cap and now sits in sixth spot.
D.O.G.E. Won’t Be Just Another Government Agency
According to reports in The Guardian and Bloomberg, D.O.G.E. will not function as a government agency but as an external project that advises the White House, in partnership with the Office of Management and Budget.
The department will be jointly led by Elon Musk and entrepreneur Vivek Ramaswamy to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said on Tuesday.
The creation of the D.O.G.E. office had been teased during Trump’s campaign for re-election. While details are still unclear, including the full scope of the new department, one of its goals appears to be the eradication of “fraud and improper payments” and the auditing of federal government finances and performance.
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Musk said during the campaign at a rally in New York’s Madison Square Garden that we would be able to cut at least some US$2 trillion from the US federal budget. He later added:
This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people.
Elon MuskAccording to Bloomberg, Musk’s role is likely going to be that of a “special government employee”, a designation for advisors outside of the administration who serve for shorter periods. It would potentially help Musk avoid conflict of interest as Musk’s SpaceX and Starlink have contracts with government departments.
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