Elon Musk Makes DOGE Army Erupt With Excitement With D.O.G.E. Tweet

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Serial tech entrepreneur and owner of the X social media platform (formerly known as Twitter), Elon Musk, posted a cryptic "D.O.G.E." tweet after releasing a document appointing himself as the head of the Department of Government Efficiency (D.O.G.E.) created by the new U.S. president.

This new department aims to address the escalating U.S. government spending seen in recent years. As of October 2024, the U.S. national debt has reached a staggering $35.81 trillion, a surge of $8.06 trillion over the past four years.

Dogecoin Speculation Soars

Musk has repeatedly referred to the department with the abbreviated term D.O.G.E., which shares a name with the popular meme cryptocurrency. This has sparked enthusiasm within the Dogecoin community, with many users speculating that Musk's appointment could drive the value of DOGE upwards.

Dogecoin Founder's Perspective

Billy Markus, co-founder of Dogecoin and a close associate of Elon Musk, shared his thoughts on the government spending concerns and the potential impact of D.O.G.E. on Twitter. He acknowledged the challenges of reducing government spending, citing the economy's reliance on government funds and the protections afforded to government employees.

Markus emphasized the urgent need to curb excessive government spending, warning that failure to do so could lead to catastrophic consequences. He acknowledged the appointment of Elon Musk as a positive move in this regard, potentially bringing much-needed efficiency and debt reduction measures.

Dogecoin Price Volatility

In response to the recent developments, Dogecoin's price experienced significant volatility. On Monday, it surged by over 52%, reaching $0.43409. However, by now, it has retreated by approximately 12.74%, currently trading at $0.37578.

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