Donald Trump Taps Elon Musk to Lead New U.S. ‘DOGE’ Department

Dogecoin Surges Amidst Political Announcement

Dogecoin (DOGE), the prominent meme coin, has experienced a substantial surge following an announcement by President Donald Trump. On November 13, 2024, Trump unveiled the creation of the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy.

Department of Government Efficiency (DOGE)

The DOGE department aims to enhance governmental efficiency by streamlining operations, restructuring spending, and reducing bureaucratic hurdles. Elon Musk has indicated that the department will adopt a performance-based approach, incentivizing productivity and accountability.

President Trump has emphasized the department's role in creating a more effective federal government, eliminating unnecessary regulations, and optimizing agency operations.

Market Impact

The announcement has coincided with a dramatic increase in DOGE's volatility and price. Currently, the coin trades around $0.38, representing a 9% increase in the past 24 hours. Trading volume has also soared by 90%, suggesting active participation from traders and investors.