US President Donald Trump has revealed that Tesla CEO Elon Musk and Vivek Ramaswamy will lead a newly created Department of Government Efficiency, or “DOGE.” This initiative, aimed at streamlining government operations and reducing bureaucratic waste, aligns with Trump’s “Save America” movement and promises to reshape federal spending and regulatory practices.

Following the announcement, Dogecoin (DOGE) experienced a surge in trading, with analysts predicting further growth in its value, fueled by renewed interest in the cryptocurrency market.

Donald Trump Appoints Elon Musk & Vivek Ramaswamy To Lead D.O.G.E

According to US President Donald Trump’s statement, the Department of Government Efficiency (D.O.G.E) will focus on cutting down unnecessary regulations, reducing wasteful expenditures, and restructuring federal agencies.

Elon Musk and Ramaswamy will lead this effort from outside the federal government, partnering with the White House and the Office of Management and Budget (OMB) to drive large-scale reform. Trump described the project as potentially “The Manhattan Project” of modern government, emphasizing the ambitious nature of the initiative.

The DOGE initiative has been positioned as a patriotic mission to improve government accountability and efficiency, making the federal system more responsive to “We the People.” Trump expressed confidence that this effort would create a “leaner” and “more accountable” government by July 4, 2026, in time for the United States’ 250th anniversary. Post the announcement, Tesla CEO Elon Musk echoed the sentiment, suggesting that the changes would send “shockwaves through the system.”

Dogecoin Price To Rally Post DOGE Announcement? 

The announcement of the DOGE initiative had an unexpected impact on Dogecoin, which saw a sudden rally in value following the news. Dogecoin’s price increased by nearly 10%, with trading volume rising as investors showed renewed interest in the meme-inspired cryptocurrency.

Crypto analysts are now forecasting that Dogecoin could reach $2.40, with some analysts predicting even higher targets if momentum continues.

Ali Martinez, a prominent crypto market analyst, shared a bullish outlook on Dogecoin, noting that the cryptocurrency could potentially hit $2.40 if current trends hold. Martinez added that the price could climb even higher, with a speculative target of $18 if institutional interest in meme coins grows. This optimism has sparked excitement within the Dogecoin community, especially as other meme coins have also seen price increases in recent days.

Speculation Over Potential DOGE ETF Fuels Further Interest

Speculation around a possible Dogecoin exchange-traded fund (ETF) has also contributed to the cryptocurrency’s upward trend. Bloomberg senior ETF analyst Eric Balchunas has suggested that Dogecoin could be the next cryptocurrency to get the ETF treatment, given recent ETF applications for other cryptocurrencies.

There is as of now no official application for a DOGE ETF but fans of the crypto are optimistic that its approval will boost the acceptance of the digital currency.

The possibility of a Dogecoin ETF has been met with enthusiasm, as it would give institutional investors easier access to Dogecoin. Many in the crypto community view this as a key factor in Dogecoin’s potential to break through its previous all-time high.

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