what happen?
US President-elect Trump appointed Musk to co-lead the newly established "Department of Government Effectiveness (DOGE)", and the English abbreviation of the department has the same name as Musk's favorite "Dogecoin".
The main task of DOGE is to streamline the structure of the federal government and cut unnecessary expenditures and cumbersome regulations.
With Trump announcing the establishment of the "DOGE" department, the recent surge in Dogecoin may once again arouse heated market discussions and become the focus of investors.
What should the “DOGE” department that collides with Dogecoin do?
U.S. President-elect Donald Trump recently announced that he will appoint Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy to jointly Lead a newly established "Department of Government Efficiency".
Interestingly, the English abbreviation of this department "DOGE" is the same name as Musk's favorite "Dogecoin".
Trump said the main task of DOGE is to streamline the structure of the federal government, cut unnecessary expenditures and cumbersome regulations, and lay a foundation for high efficiency for the new government. In fact, the DOGE department is not a formally approved official agency. According to Trump's statement, DOGE will "provide advice as an outside consultant" and work closely with the White House and the Office of Management & Budget (Office of Management & Budget).
"These two outstanding Americans will pave the way for my administration to dismantle government bureaucracy, streamline red tape, cut wasteful spending, and reorganize federal agencies," Trump said in a statement.
In the past few months, Musk has repeatedly mentioned the idea of establishing a "Government Efficiency Department" while campaigning for Trump. Even at a rally in New York in October, Musk promised that if Trump were elected, he would "cut spending by at least $2 trillion" in federal agencies.
Trump and Musk have a close cooperative relationship, and Musk even expressed high-profile support for Trump's campaign ideas on the X platform. According to foreign media reports (Wired), statistics from the Center for Countering Digital Hate (Center for Countering Digital Hate) show that since Musk expressed support for Trump on X, his related political posts have accumulated more than 17.1 billion views, showing that horse Sk’s influence.
Dogecoin surges astonishingly, Trump and Musk’s new moves become market focus
The rise of the meme coin "Dogecoin" with the same name as this new unit in November was amazing. According to (Crypto.news), in the past week alone, Dogecoin surged 143% and outperformed Many crypto assets.
This rise was affected by the U.S. presidential election. After Trump announced his victory on November 6, Dogecoin continued to rise and reached $0.4359 on November 12, which has not been seen since June 2021. High point. According to data from CoinMarketCap, Dogecoin currently has a market capitalization of US$55.49 billion and is also the sixth-largest cryptocurrency by market capitalization.
With Trump announcing the establishment of the "DOGE" department and appointing Musk as co-leader, Dogecoin may once again arouse heated discussion in the market. After all, Musk has been an active supporter of Dogecoin in the past, and his popularity in the community Media speeches have also affected the price of Dogecoin many times.
Whether the political actions of Trump and Musk will continue to affect the trend of Dogecoin in the future will become the focus of investors' attention.
Source: Crypto.news, TechCrunch, Wired
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