Dogecoin (DOGE) is once again making headlines as President-elect Donald Trump announced the formation of a new “Department of Government Efficiency,” or D.O.G.E., set to overhaul government operations. The news sent DOGE prices surging, underscoring the influence of memetic culture on financial markets.
Trump shared Tuesday that entrepreneur Elon Musk and political commentator Vivek Ramaswamy will head the initiative, tasked with restructuring federal agencies and reducing bureaucratic red tape. The two will operate outside formal government roles, working to bring “entrepreneurial reform” to federal administration and spending practices. “Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies,” Trump posted on Truth Social.
Musk also took to X (formerly Twitter) to confirm his role and reveal plans for public accountability. “All Department of Government Efficiency actions will be posted online for maximum transparency,” Musk stated, adding, “We’ll have a leaderboard for the most ridiculously wasteful spending.” Musk encouraged citizens to engage, promising public feedback would guide the department’s cuts and efficiencies.
The choice of the acronym “D.O.G.E.” and the involvement of Musk have reignited interest in Dogecoin, a cryptocurrency initially popularized as a meme. Traders, spurred by this coincidence and anticipating media attention, pushed DOGE prices up over 250% in the last month, approaching levels last seen in 2021. A CoinDesk analysis in October had flagged increased retail trading interest in DOGE, with predictions that the memetic token might be propelled by major social mentions and media visibility.
Market analysts see the combination of Musk and DOGE-related headlines as a unique driver, pushing traders to eye the $1 price point for the popular token as a possible long-term target. The coming weeks are expected to keep investors on high alert as the D.O.G.E. project gains traction and the meme-inspired cryptocurrency enjoys renewed visibility.
