Highlights:
- Trump appointed Musk and Ramaswamy to lead the new Department of Government Efficiency.
- Musk and Ramaswamy will operate independently, offering advice and collaborating on reforms.
- Dogecoin surged after Trump’s election win, with analysts predicting a potential price spike.
President-elect Donald Trump announced late Tuesday that Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder, will lead a newly created Department of Government Efficiency (D.O.G.E). Trump expressed that these two Americans would support his Administration’s efforts to streamline government, slash excess regulations, cut unnecessary spending, and restructure Federal Agencies.
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— Elon Musk (@elonmusk) November 13, 2024
Trump’s Vision for Government Efficiency Led by Musk and Ramaswamy
Despite its name, the department won’t be a government agency. Trump explained that Ramaswamy and Musk will operate independently from the government to offer “advice and guidance” to the White House. They will collaborate with the Office of Management and Budget to implement large-scale reforms and introduce an entrepreneurial approach to government. Trump added that this move would shake up government systems.
It is unclear how the organization will function. It may fall under the Federal Advisory Committee Act, which sets rules for external groups advising the government and ensures accountability to the public. Federal employees are typically required to disclose their assets and affiliations to prevent conflicts of interest and to divest any substantial holdings related to their roles. However, since Musk and Ramaswamy are not formal federal employees, these requirements and ethical restrictions would not apply to them.
Trump stated that Elon Musk and Vivek Ramaswamy’s work will be completed by July 4, 2026. The result will be a smaller, more efficient, and less bureaucratic government. He called it “the perfect gift to America on the 250th anniversary of the Declaration of Independence.”
Trump said:
“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.”
Trump first proposed an efficiency commission in September. Since then, Musk, known as the “Dogefather,” has influenced Dogecoin’s price with his comments. Musk donated at least $119 million to Trump’s campaign through a pro-Trump political action committee, America PAC. He has long supported Dogecoin, a meme cryptocurrency. Its ticker shares an acronym with the proposed agency.
Dogecoin Price Reaction Following the Announcement
Dogecoin (DOGE), often tied to Musk’s social media posts, climbed 6% ahead of the announcement before retracting some gains. At the time of writing, Dogecoin was trading at $0.36, down 7.7% at the time of writing. However, it remains over 80% for the week, according to CoinGecko data.
Like much of the crypto market, Dogecoin surged after Trump won the 2024 U.S. Presidential election. Since the election results, DOGE has surged nearly 140%. However, its all-time high was on May 8, 2021, when the meme coin hit $0.73.
Crypto analyst Ali Martinez predicted Dogecoin could reach $2.40 if trends continue. He suggested a speculative target of $18 if institutional interest in meme coins grows. This has fueled excitement in the Dogecoin community as other meme coins also rise.
A test of the middle or upper boundary of the channel puts #Dogecoin $DOGE at $2.40 or $18! pic.twitter.com/shPEjf4GTN
— Ali (@ali_charts) November 12, 2024
Ramaswamy and Musk Respond to Trump’s Announcement
“We will not go gently,” Ramaswamy posted on X in response to the news, tagging Musk, who commented separately on Trump’s original announcement.
We will not go gently, @elonmusk. 🇺🇸 https://t.co/sbVka2vTiW
— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024
“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” Musk said. Most department heads need Senate approval, but it’s unclear what steps Musk and Ramaswamy will need to take for these roles.
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