Dogecoin Surges as Trump Announces New "Department of Government Efficiency"

President-elect Donald Trump has sparked a rally in Dogecoin (DOGE) following the announcement of a new "Department of Government Efficiency" (DOGE).

The department, led by entrepreneur Elon Musk and political commentator Vivek Ramaswamy, will aim to streamline federal agencies and reduce bureaucratic obstacles. Musk and Ramaswamy will operate outside their government roles, bringing "entrepreneurial reform" to government management and spending.

Trump stated on Truth Social, "Together, these two great Americans will eliminate government bureaucracy, cut excessive regulations, and restructure federal agencies."

Musk confirmed his involvement on X, outlining plans for transparency. "All department actions will be published online for maximum transparency," said Musk. "We will also have a leaderboard for the most absurdly wasteful spending."

Musk encouraged public feedback, promising it would guide the department's efficiency measures.

The choice of the "DOGE" abbreviation and Musk's association have reignited interest in Dogecoin, a cryptocurrency initially popularized as a meme.

Since the announcement, DOGE's price has surged by over 250% in the past month, reaching levels not seen since 2021.

This is not investment advice.