Dogecoin Surges 20% Amidst Announcement of New Government Department

Dogecoin (DOGE) has experienced a 20% price increase following the announcement by US President Donald Trump of the establishment of the Department of Government Efficiency (D.O.G.E). Led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy, this department aims to enhance government efficiency.

With the goal of streamlining federal operations and reducing waste, the D.O.G.E. aligns with Trump's "Save America" mission. Musk and Ramaswamy will spearhead the reform outside the government, collaborating with the White House and the Office of Management and Budget (OMB).

Trump has likened this initiative to "The Manhattan Project" due to its ambitious nature, aiming to deliver a leaner and more accountable government by July 4, 2026, the United States' 250th anniversary.

The announcement led to a 20% surge in Dogecoin's value, reaching $0.43, before settling at $0.37. Analysts predict a potential rise to $2.40 in the near future. The surge is driven by optimism among traders and investors, with analysts predicting a potential climb to $18 if institutional interest continues to grow.

Speculation regarding a potential Dogecoin exchange-traded fund (ETF) is also contributing to the rally, as it would facilitate investment by institutional investors. While an official application is yet to be submitted, the buzz surrounding a possible DOGE ETF adds to the ongoing momentum.