Original article by: Shaurya Malwa
Original title: Dogecoin Trade Goes From Meme to Reality as Donald Trump Confirms D.O.G.E.
Original source: Coindesk
Compiled by: Koala, Mars Finance
Musk said in the X post that all actions of the Government Efficiency Department will be posted online for maximum transparency.
President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead the newly created Department of Government Efficiency (DOGE).
Musk mentioned creating a ranking of the most inefficient government spending, combining transparency with public participation.
The announcement and use of “DOGE” has significantly boosted Dogecoin’s meme fundamentals, with traders setting a long-term target of $1.
The wild narrative that led to a more than 500% price increase for Dogecoin (DOGE) became reality on Tuesday — demonstrating how a meme bet can be a powerful trading thesis.
President-elect Donald Trump announced on Tuesday that he has selected Vivek Ramaswamy and tech entrepreneur Elon Musk to lead the newly created Department of Government Efficiency (DOGE), which aims to make government spending and administration more efficient.
The two will provide advice and guidance outside government, promote large-scale structural reforms, and create "unprecedented government entrepreneurship."
"Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, cut redundant regulations, slash wasteful spending and reorganize federal agencies — critical to the 'Save America' movement," Trump said in a statement posted on his Truth Social account.
Musk and Ramaswamy will work on the project until July 4, 2026, Trump said.
In the X post, Musk said all actions of the Government Efficiency Department will be published online for maximum transparency.
"Any time the public thinks we're cutting something important, or not cutting something wasteful, let us know," Musk said. "We'll also have a leaderboard of the craziest abuses of tax dollars. It'll be both extremely tragic and extremely entertaining."
A CoinDesk analysis noted in mid-October that DOGE trading is gaining interest from investors due to its memetic nature, with mainstream media and retail trading circles likely talking more about “DOGE,” sparking attention and interest in the token.
DOGE prices have risen nearly 250% in the past 30 days, reaching 2021 levels on Tuesday, with traders now eyeing the $1 mark as a long-term price target.
