Dogecoin, the meme cryptocurrency often associated with Elon Muskrose in value after the election of the president Donald Trump gave the green light to the tech billionaire’s ideas for a new executive department with a similar name.
Trump announced Musk as the richest person in the world according to Forbeswill lead the new Department of Government Effectiveness or DOGE, alongside Vivek Ramaswamya billionaire who ran against Trump in the Republican primary but dropped out to support him. Both were strong supporters of the former president during his re-election campaign.
“This will send shockwaves through the system and to everyone involved in government waste, which is a lot of people!” Musk said in a statement Tuesday.
Musk joined Trump for a meeting with the House Republican conference at the Capitol on Wednesday. The meeting came after the CEOs of Tesla and SpaceX became $50 billion richer due to rising stock prices following Trump’s victory last week, according to Forbes. It also comes after spending time in Palm Beach, Florida, where Trump is assembling his second administration from his Mar-a-Lago residence.
More:Trump taps Elon Musk and Vivek Ramaswamy to lead new ‘Department of Government Effectiveness’
What is Trump’s vision for DOGE?
The president-elect hasn’t said much about exactly how the new department plans to potentially cut billions of dollars in government spending. However, in a statement Tuesday, Trump said he would work to restructure government agencies as well as reduce regulation and waste.
“To drive this kind of radical change,” Trump said, Musk and Ramaswamy will partner with the White House and the Office of Management and Budget to achieve something that Republicans have long dreamed of. The president-elect added that the ministry would carry out large-scale structural reforms and add an entrepreneurial approach to government “never seen before.”
He gave Musk and Ramaswamy a deadline, July 4, 2026, the 250th anniversary of the Declaration of Independence, to achieve these goals. Trump suggested the initiative could result in innovation comparable to The Manhattan Projectthe top secret government program responsible for developing the first atomic bombs.
“A smaller government, with more efficiency and less bureaucracy, will be the perfect gift to America,” Trump said in the statement.
What is Dogecoin and how does it relate to DOGE?
Dogecoin’s price and valuation rose in the day following Trump’s announcement and was trading at around 40 cents as of Wednesday afternoon, according to CoinMarketCap.
The meme coin was initially created in 2013 to mock other cryptocurrencies, but has become one of the biggest and is said to be Musk’s favorite.
Musk has long been a supporter of cryptocurrency and affirmed in 2022 that it will “continue to support Dogecoin.” In a conversation earlier this year posted ona social media platform he purchased two years ago, Musk confirmed he still owns “a bunch” of Dogecoin. While he still owns a large portion of the coin, he is poised to benefit financially from the boost it received following Trump’s announcement Tuesday.
Musk promoted “DOGE” on X in the hours that followed, posting AI-generated images and memes including those from the play Shiba Inu dog mascot.
Musk also suggested that he would like to sell merchandise promoting the new department and coins in a separate article.
Wednesday afternoon, CoinMarketCap reported Dogecoin had a market capitalization of almost $58 billion.
Contact Rachel Barber at rbarber@usatoday.com and follow her on X @rachelbarber_