Pro-Crypto President-elect Donald Trump to Bring "DOGE" to the White House

Amid various appointments and nominations, Trump announced on Tuesday that the Department of Government Efficiency will "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."

Leadership

The department will be led by billionaires Elon Musk (CEO of Tesla, SpaceX, and X) and entrepreneur Vivek Ramaswamy, who previously ran as a Republican presidential candidate but exited the race in January.

Focus on DOGE

Trump's statement indicated that DOGE would drive substantial reform, collaborating with the White House and Office of Management and Budget using an "entrepreneurial approach". Musk has long advocated for deregulation and labeled the cost-cutting initiative as "DOGE". He has expressed his fondness for Dogecoin, attributing its popularity partly to the humor surrounding it.

Dogecoin, created in 2013 by Markus and Palmer as a joke, has since gained significant traction and was revitalized by the Dogecoin Foundation in 2021.

Reactions to Transition

Billy Markus, co-creator of Dogecoin, noted the coin's integration into the U.S. government, humorously questioning its authenticity. As of November 13, DOGE ranks as the sixth-largest cryptocurrency with a market cap of $59.4 billion.

Analysts highlight Dogecoin’s appeal due to its recognition in today’s meme-driven market. Ramaswamy emphasized that DOGE would help crowdsourcing efforts to identify government inefficiencies and waste.

Markus warned about the repercussions of government spending cuts, highlighting that the economy has become dependent on government funding, with a substantial national debt increase. Nonetheless, he supports necessary reductions in spending.

Palmer, a co-creator of Dogecoin, has distanced himself from cryptocurrency discussions, emphasizing the negative aspects of the current capitalist system. Musk has echoed sentiments about overregulation hindering societal progress, actively supporting the newly formed department.

As of now, DOGE trades around $0.40, experiencing over a 1% increase in the past 24 hours, while its price before the election was approximately $0.15.