US President-elect Donald Trump appoints Tesla founder Elon Musk and entrepreneur Vivek Ramaswamy to head the Department of Government Efficiency (D.O.G.E).
In a statement released on Tuesday, the Trump-Vance administration has handed Musk his long-coveted position, pairing him with Republican politician Ramaswamy. The newly formed department would help the government squash unnecessary regulations and cut costs.
Trump described the role as the Manhattan Project of our time, noting it would dismantle federal bureaucracy. He also stated that the office would provide guidance outside the government and add entrepreneurial dynamics to the White House, which was never seen before.
Notably, the new department is named after Musk’s favorite meme coin, Dogecoin. The largest meme coin by market cap gained the attention of the multi-billionaire following its 2013 debut and has been on an exponential upswing following Trump’s election win.
Musk and Ramaswamy React
The Tesla CEO took to X (formerly Twitter) to confirm the appointment, reiterating his desire to fill the role. In a tweet, he noted that the DOGE was not against democracy but against bureaucracy.
He also noted that the department would upload its activities online for maximum transparency. Musk teased a leaderboard for the “most insanely dumb spending” of American taxpayers, noting that the public can decide what the department trashes or keeps.
All actions of the Department of Government Efficiency will be posted online for maximum transparency.
Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!
We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0
— Elon Musk (@elonmusk) November 13, 2024
Furthermore, Ramaswamy noted that the DOGE would not “go gently” on its obligations to American taxpayers. He also stated that the appointment means he has withdrawn from consideration for Senate in Ohio.
Reactions from Crypto Enthusiast
Meanwhile, reactions came in from the crypto community following Musk’s DOGE appointment. Users stated the news was bullish for Dogecoin and expect the leading meme coin to surge considerably.
For instance, a user asserted that Musk’s appointment could send DOGE to $1. Another user also argued that the D.O.G.E was a “major upgrade” for the crypto scene.
Notably, an Ethereum-based token with the D.O.G.E ticker surged over 300% following Musk’s appointment, hitting a market cap of $1.85 million. Several other tokens with the same ticker saw gains amid the latest development.
Meanwhile, Dogecoin has continued to consolidate despite the Musk news. DOGE trades at $0.3684, down 10% in the past 24 hours, but remains 70% up over the last seven days.
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