Musk stated in an X post that all actions of the Department of Government Efficiency (DOGE) will be published online to achieve maximum transparency.
President-elect Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the newly formed 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" greatly enhanced the meme fundamentals of Dogecoin, with traders setting a $1 long-term target.
The frenetic narrative that caused Dogecoin (DOGE) to surge over 500% became a reality on Tuesday - demonstrating how meme bets can become 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 formed Department of Government Efficiency (DOGE), aimed at improving government spending and administrative efficiency.
The two will provide advice and guidance from outside government, driving large-scale structural reforms and creating "an unprecedented way of government entrepreneurship".
In a statement posted on his Truth Social account, Trump said, "These two outstanding Americans will pave the way for my administration to dismantle bureaucracy, cut unnecessary regulations, cut wasteful spending and reorganize federal agencies - critical to the 'Save America' movement."
Trump stated that Musk and Ramaswamy will work on this project until July 4, 2026.
In the X post, Musk said that all actions of the Department of Government Efficiency will be published online to achieve maximum transparency.
"Anytime the public thinks we're cutting something important, or not cutting something wasteful, please tell us," Musk said. "We'll also have a ranking of the craziest abuses of taxpayer money. It's both extremely sad and extremely entertaining."
A CoinDesk analysis in mid-October pointed out that due to its meme nature, DOGE trading is attracting investor interest, and mainstream media and the retail trading circle are likely to talk more about "DOGE", sparking people's attention and interest in the token.
DOGE price has risen nearly 250% in the past 30 days, reaching 2021 levels on Tuesday, with traders now viewing the $1 mark as a long-term price target.
