Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE), triggering a rise in the price of Dogecoin.
U.S. President Donald Trump revealed that Tesla CEO Elon Musk and Vivek Ramaswamy will lead the newly formed Department of Government Efficiency (DOGE). The initiative aims to streamline government operations, reduce bureaucratic waste, aligning with Trump's "Save America" movement, and promises to reshape federal spending and regulatory practices. Following the announcement, the trading volume of Dogecoin (DOGE) surged, and analysts predict that as interest in the cryptocurrency market reignites, the value of Dogecoin will further increase.
Donald Trump Appoints Elon Musk and Vivek Ramaswamy to Lead DOGE
According to the statement by U.S. President Trump, the Department of Government Efficiency (DOGE) will focus on cutting unnecessary regulations, reducing wasteful spending, and restructuring federal agencies. Elon Musk and Ramaswamy will lead this effort outside the federal government, working with the White House and the Office of Management and Budget (OMB) to drive large-scale reforms. Trump described the project as a potential "Manhattan Project" of modern government, emphasizing the ambitious nature of the plan.
The DOGE initiative is positioned as a patriotic mission to improve government accountability and efficiency, making the federal system more responsive to the needs of "We the People." Trump expressed confidence that by July 4, 2026, the 250th anniversary of the founding of the United States, this effort will create a "leaner," "more accountable" government. Following the announcement, Tesla CEO Elon Musk also expressed the same sentiment, believing that these changes will "shock the entire system."
Will Dogecoin Prices Rise After the DOGE Announcement?
The announcement of the DOGE initiative has had an unexpected impact on Dogecoin, with the price suddenly surging upon the news. As investors rekindle interest in this meme-inspired cryptocurrency, Dogecoin's price has risen by nearly 10%, accompanied by a spike in trading volume. Cryptocurrency analysts now predict that Dogecoin could reach $2.40, and some even suggest the target could be higher if the momentum continues. Renowned cryptocurrency market analyst Ali Martinez is optimistic about Dogecoin, noting that if the current trend persists, the price of this cryptocurrency could reach $2.40. Martinez added that if institutional interest in meme coins increases, the price could further rise, with a speculative target of $18.
Speculation on a Potential DOGE ETF Fuels Further Interest
Speculation around the possibility of a Dogecoin exchange-traded fund (ETF) has also driven the upward trend of this cryptocurrency. Bloomberg senior ETF analyst Eric Balchunas stated that given the recent ETF applications for other cryptocurrencies, Dogecoin could be the next cryptocurrency to receive ETF treatment. While there is no official application for a DOGE ETF yet, cryptocurrency enthusiasts are optimistically anticipating its approval, as it would increase the accessibility of digital currencies for institutional investors. The launch of a Dogecoin ETF is being enthusiastically welcomed, as it would make it easier for institutional investors to gain exposure to Dogecoin. Many in the cryptocurrency community believe this could be a key factor in Dogecoin's potential to break its historical highs.
