President-elect Donald Trump has appointed tech mogul Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead a new initiative called the Department of Government Efficiency (DOGE). This initiative aims to eliminate government inefficiencies, reduce excess regulations, and streamline federal spending. Trump likened DOGE’s mission to the World War II-era Manhattan Project, describing it as a core part of his “Save America” campaign.
DOGE’s primary goal is to significantly reduce the “waste and fraud” in the US government’s $6.5 trillion annual budget. The department is expected to operate independently but will collaborate extensively with the White House and the Office of Management and Budget to guide structural reforms. Trump envisions a smaller, more efficient government with reduced bureaucracy by July 4, 2026, coinciding with the 250th anniversary of the US Declaration of Independence.
Both Musk and Ramaswamy, who are staunch Trump supporters, bring a unique perspective to the initiative. Musk publicly endorsed Trump’s campaign, while Ramaswamy supported him after exiting the presidential race. Both individuals are strong advocates for cryptocurrency, highlighting their forward-thinking approach to government reform.
In a statement, Musk committed to transparent operations for DOGE, promising to post all updates online for public feedback. Additionally, DOGE plans to launch a leaderboard highlighting the most absurdly wasteful government expenditures, a feature that Musk anticipates will be enlightening and entertaining. Ramaswamy also emphasized the importance of public involvement, stating that Americans voted for substantial reform and deserve to play a role in achieving it.
The announcement of the Department of Government Efficiency being named DOGE sparked enthusiasm among Dogecoin supporters due to the meme crypto’s cultural resonance. Despite the excitement, Dogecoin’s price fell 10% after a recent upswing that pushed its value to a three-year high. Market observers believe Musk’s involvement with DOGE may positively impact the memecoin, given his strong support for the asset and the impending bull market run.
