The post Donald Trump Taps Elon Musk to Lead New U.S. ‘DOGE’ Department appeared first on Coinpedia Fintech News
Dogecoin (DOGE), the leading meme coin, is making waves in the cryptocurrency realm as it has been soaring significantly following Donald Trump’s victory in the U.S. presidential election. Today, November 13, 2024, Trump announced that Elon Musk and Vivek Ramaswamy will lead a newly created Department of Government Efficiency, which is abbreviated as DOGE.
DOGE Department Objective
The main objective of this DOGE department in the U.S. government is to operate the government and its departments efficiently and to reshape federal spending and regulatory practices. However, in his speech, Musk stated that he would run this department like the company he leads, where those who work will receive incentives, and those who do not will face consequences.
In a statement, Trump said that the Department of Government Efficiency (DOGE) will make the U.S. government more streamlined and effective. This initiative aims to eliminate excessive regulations, reduce wasteful spending, and reorganize federal agencies to ensure they operate more efficiently.
Current Price Momentum
Following the announcement, volatility in DOGE has skyrocketed, and the price has increased significantly. Currently, DOGE is trading near $0.38, marking a 9% gain in the past 24 hours. At the same time, its trading volume has surged by 90%, indicating heightened participation from traders and investors amid this bullish outlook.