Trump announces Department of Government Efficiency, Dogecoin (DOGE) rises 20 percent

Published , by Sam Chandler

Donald Trump has announced the Department of Government Efficiency (DOGE) which will be led by Elon Musk. This announcement has led to the cryptocurrency Dogecoin (also DOGE) rising in value as investors trade the meme currency.

On November 12, 2024, CNBC reported on Dogecoin’s (DOGE) 20 percent surge in pricing. The popular cryptocurrency meme coin has become a personal favorite of Elon Musk’s, who has recently bonded himself to president-elect Donald Trump. CNBC has also pointed out that the cryptocurrency has seen a 153 percent rise since election day.

The increase in DOGE follows on from Trump’s announcement of a new area of government called the Department of Government Efficiency, or DOGE for short. The leader of this department will be none other than Elon Musk, who has previously positioned himself as the Dogefather. Musk will lead DOGE alongside Vivek Ramaswamy. Two leaders in the Efficiency department.

In Trump’s announcement, he says that this new department has the potential to become the Manhattan Project “of our time.” The Manhattan Project was a program to develop the first nuclear weapons. This department will “provide advice and guidance from outside of Government” and will “create an entrepreneurial approach to Government never seen before.” Trump states that the work of Elon and Vivek will conclude “no later than July 4, 2026” which marks the 250th anniversary of the Declaration of Independence.

In the lead up to the election, Elon Musk did a $1 million giveaway for people who signed a petition, but in order to sign said petition the signees had to be registered voters. The Justice Department indicated that this might violate federal law.