Trump has taken action! Appointed Musk to lead the DOGE department, DOGE has experienced severe Fluctuation

Trump announces heavyweight candidate, new department led by Musk

US President-elect Donald Trump announced a major personnel appointment on Tuesday evening, stating that Elon Musk, CEO of TSL (Tesla), and entrepreneur Vivek Ramaswamy will jointly lead the newly established Department of Government Efficiency (DOGE).

In his statement, Trump emphasized, "These two outstanding Americans will pave the way for my administration to dismantle the government bureaucracy, reduce excessive regulations, cut wasteful spending, and reorganize federal agencies, which is crucial to the 'Save America' movement."

This appointment was referred to by Trump as the 'Manhattan Project of our time', indicating the long-standing Republican expectations for government efficiency reform. In addition, Ramaswamy was previously a competitor of Trump's Republican presidential candidate, but ultimately chose to support Trump. Musk, on the other hand, invested tens of thousands of dollars in supporting Trump's campaign and frequently appeared at campaign rallies, demonstrating a high level of commitment to this reform.

Image source: Trump War Room Trump appoints Musk and Vivek Ramaswamy to co-lead the newly established Department of Government Efficiency

DOGE will be fully transparent with sweeping changes

The newly established DOGE department will be dedicated to addressing waste and fraud issues in government spending, which can amount to as much as $6.5 trillion annually. The department's establishment is inspired by efficiency reform initiatives from previous administrations, including the Grace Commission during President Reagan's time and the National Performance Review during President Clinton's tenure.

The DOGE Department will take an unprecedented entrepreneurial approach and work with the White House and the Office of Management and Budget to promote large-scale structural reform. It is worth noting that the new department plans to reduce federal programs and eliminate improper payments through administrative reform rather than legislative action.

Musk promised on social platform X that all actions of the department will be made public on the Internet to ensure maximum transparency. He said:

"If the public thinks we have cut important items or failed to cut waste, please let us know at any time. We will also set up a leaderboard listing the most absurd tax expenditures. This will be both tragic and interesting."

According to Musk's remarks at a Trump rally in New York, the new department plans to save taxpayers up to 2 trillion dollars in expenses through auditing federal operations and recommending reforms. Since Trump's election, Musk has provided many suggestions in personnel decisions and will play an "important role" in the future government, as reported by foreign media ABC News.

Officially declare war on the bureaucratic system!

Trump emphasized that the reform work of the DOGE department will be completed by July 4, 2026, which coincides with the 250th anniversary of the U.S. Declaration of Independence. He said, 'This will be the perfect gift to the American people.'

Ramaswamy posted on social platform X, saying, 'We will not give up easily.' He advocated for the formation of a 'Small Government Revolution Team' to reduce the size of the federal government. Musk responded, 'This is not a threat to democracy, but a threat to bureaucracy!'

Musk will lead a comprehensive financial and performance audit of the federal government's operations with his technical and business expertise. One of the main goals of the plan is to streamline operations without the need for large-scale legislative approval. The DOGE department will provide advice and guidance from outside the government, and this innovative approach is considered to be able to break the constraints of the traditional bureaucratic system.

DOGE is responding enthusiastically

After the appointment news was announced, the price of the meme coin Dogecoin ($DOGE), closely related to Musk, has significantly surged. According to cryptocurrency data platforms, $DOGE has risen by 12% in the past 24 hours, reaching a trading price of 0.406 US dollars, with a weekly increase of as much as 136%. At the time of completion, the price of $DOGE was 0.363 US dollars.

Image source: TradingView DOGE ($DOGE) price trend chart

It is worth noting that, before the announcement, $DOGE had already reached a three-year high of $0.27. According to CoinGecko data, $DOGE's Market Cap has reached $53.9 billion, with a daily volume soaring to $44.9 billion, a significant rise of 93.58% from the previous day. Although the current price still lags behind the historical high of $0.73 set on May 8, 2021, market analysts point out that this surge not only reflects Musk's new appointment, but also demonstrates the optimistic expectations of the encryption currency market for the policy environment after Trump's election victory.

Source: CoinGecko DOGE ($DOGE) Basic Information

In addition, other meme coins themed with DOGE also saw significant gains, with some tokens even rising by 291% within a week, highlighting the market's enthusiastic response to the personnel appointment. This market performance is also seen as investors' recognition of the government's reform direction, and it is expected that the establishment of the DOGE department may bring unprecedented efficiency improvement to the US government.

Disclaimer: The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are applicable to their specific situation. Investment based on this is at your own risk.

'Trump did it! Appoints Musk to lead the DOGE department, DOGE sees dramatic Fluctuation' This article was first published in 'encryption city'