Dogecoin surged over 20% following President-elect Donald Trump’s announcement of the creation of a new government department: the Department of Government Efficiency, aka DOGE.
The Department will be led by Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder.
According to Trump, the new agency’s mission will focus on “dismantling government bureaucracy, slashing regulations, cutting wasteful spending, and restructuring federal agencies.”
Trump described the initiative as central to his vision of trimming government fat, which he has championed throughout his campaign.
As per CNBC, Dogecoin’s surged to nearly $0.43, stabilising around $0.37 on Wednesday. This rally marks a notable 153% increase in Dogecoin’s prices since the US elections, far outpacing Bitcoin.
This rally positioned Dogecoin as the sixth-largest cryptocurrency by market cap, overtaking XRP.
Although the Department is poised to remove red-tapism and curb some bureaucratic power, some NGOs like Public Citizen are unhappy and concerned.
“Musk not only knows nothing about government efficiency and regulation, his own businesses have regularly run afoul of the very rules he will be in position to attack in his new ‘czar’ position,” Lisa Gilbert, co-president of Public Citizen told Reuters.
Trump has compared the Department of Government Efficiency to the Manhattan Project and promised transparency. The department’s actions will be posted online for all citizens to see.
The new department will work in tandem with the White House and the Office of Management and Budget and will conclude its work by July 4, 2026.
“I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans,” said Donald Trump. “A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America.”
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