Elon Musk has proposed establishing a Department of Government Efficiency (D.O.G.E.) under another Trump presidency. The initiative aims to streamline government spending, simplify administrative processes, and enhance the efficient use of taxpayers’ money.
Former President Donald Trump has voiced support for Musk’s proposal, indicating he would
appoint
Musk to lead a government efficiency commission if re-elected. Per Yahoo Finance, Musk has
donated
over $75 million to American political action committees since July 2024, positioning himself as a key supporter of Trump’s presidential campaign.
The announcement has had a substantial impact on Dogecoin (DOGE). Dogecoin’s price surged by 10% within 24 hours, surpassing $0.13. According to
Coinglass
, open interest in DOGE futures increased 18.09% to $926.76 million, while options volume increased 616.31%, indicating heightened market activity and investor interest.
Social media platforms have witnessed a surge in Dogecoin-related discussions, reaching the highest levels in the past year. Traders speculate that Musk’s political involvement and the D.O.G.E. initiative could lead to increased retail interest in Dogecoin. Some believe that a potential Trump victory might further integrate “DOGE” into governmental discourse, somehow influencing the digital asset’s adoption and value.
Musk’s longstanding relationship with Dogecoin is well-documented, with previous announcements often causing significant price movements and leading to
legal action
against the billionaire. In April 2023, he hinted at the
possibility
of DOGE payments on Twitter (now X), sparking enthusiasm within the crypto community.
The proposed Department of Government Efficiency is envisioned to operate with corporate-style management principles, offering incentives for high performers and imposing consequences for underachievers. Musk unveiled the name of the initiative during a
town hall meeting
in Pennsylvania, emphasizing his dedication to improving governmental operations and reducing unnecessary expenditures.
Musk continues to leverage his platform to advocate for Donald Trump’s campaign, using Dogecoin references to draw interest. However, he has yet to make any substantial moves to support the crypto industry since he
stopped accepting Bitcoin
for Tesla in 2021 and
sold most of its holdings
. Tesla recently
moved
all of its Bitcoin to a new wallet.
Dogecoin Market Data
At the time of press
11:46 pm UTC on Oct. 18, 2024
,
Dogecoin
is ranked #8 by market cap and the price is
up
7.73%
over the past 24 hours. Dogecoin has a market capitalization of
$20.2 billion
with a 24-hour trading volume of
$2.26 billion
.
Learn more about Dogecoin ›
Dogecoin
11:46 pm UTC on Oct. 18, 2024
$0.14
7.73%
Crypto Market Summary
At the time of press
11:46 pm UTC on Oct. 18, 2024
, the total crypto market is valued at at
$2.34 trillion
with a 24-hour volume of
$78.26 billion
. Bitcoin dominance is currently at
57.71%
.
Learn more about the crypto market ›
Mentioned in this article
Dogecoin
Bitcoin
X
Tesla
Elon Musk
Donald Trump
Posted In:
Bitcoin
,
Dogecoin
,
US
,
Election 2024
,
Featured
,
Memecoins
,
Politics
,
Price Watch
Author
Liam ‘Akiba’ Wright
Editor-in-Chief at CryptoSlate
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
@akibablade
LinkedIn
Email Liam
Editor
News Desk
Editor at CryptoSlate
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
@cryptoslate
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