The post Will Musk and Vivek Ramaswamy’s DOGE Reforms Gaining Momentum Drive Dogecoin To $2? appeared first on Coinpedia Fintech News
In the latest development, House Speaker Mike Johnson has confirmed that Musk and Ramaswamy will meet Republican House and Senate members on December 5. They are heading to Capitol Hill next week to present key reform proposals of the Department of Government Efficiency (DOGE).
After the crypto community’s much-sought-after Trump victory, Elon Musk and Vivek Ramaswamy were picked to lead the newly formed Department of Government Efficiency. They aim to slash federal spending by $2 trillion. Notably, Bitcoin showed an impressive rally towards $100,000 and DOGE hit a three-year high price after a Trump victory.
Dogecoin had surged over 10% after U.S. President-elect Donald Trump revealed that Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the DOGE.
DOGE Gains Bipartisan Interest
Trump has noted that the DOGE will lead the way for the administration to dismantle governmental bureaucracy, ease out the excess regulations, cut expenditures, restructure federal agencies and more. Notably, the Department Of Government Efficiency (DOGE) will propose key proposals to reform government regulations and agencies. Analysts Dogecoin price could breakout above $1 and move further with a massive rally to $2.2.
Rep. Ro Khanna, D-Calif., and Sen. Joni Ernst, R-Iowa, are rallying support for President-elect Donald Trump’s Department of Government Efficiency. The bipartisan interest in DOGE underscores growing momentum for cutting federal spending and increasing accountability in government operations.
Besides, DOGE has also drawn support from a growing roster of private-sector leaders, including venture capitalist Marc Andreessen, hedge fund manager Bill Ackman,and former Uber chief executive Travis Kalanick.
“We are entrepreneurs, not politicians. We will serve as outside volunteers, not federal officials or employees. Unlike government commissions or advisory committees, we won’t just write reports or cut ribbons. We’ll cut costs,” noted Musk and Ramaswamy in an op-ed for the Wall Street Journal.
Musk’s activities and statements around political circles has grown increasingly, and he has even broadly stated that he would be firing some federal employees when Trump takes over.
However,critics have raised concerns about the transparency and oversight of DOGE, due to its reliance on private-sector volunteers rather than traditional government officials.
Musk Highlights Impact Of Biden’s Administration
In a latest X post, Musk has highlighted how Biden administration has impacted economic and business growth. Ramaswamy and Musk have slammed the government as people and businesses were debanked forcibly. Crypto executives, including David Marcus, who led Facebook’s Libra project, revealed how the government politically killed Diem stablecoin.
Amidst the latest developments, Analyst Bluntz Capital has predicted a 420% surge for Dogecoin price to $2.2. Another top analyst, Rekt Capital, noted that Dogecoin price chart formed an ‘ascending triangle’ pattern on the daily chart, implying that it could enjoy another round of money flow. He further added that DOGE needs to close the week above $0.43 to confirm a breakout to $1. Notably, DOGE is already forming a ‘golden cross’ on the 4-hour chart, which could trigger a rally to $2.