A wild market narrative that sent dogecoin (DOGE) prices soaring over 500% took a surprising turn toward reality on Tuesday, proving that memetic bets can sometimes have tangible outcomes.
President-elect Donald Trump announced the creation of a new Department of Government Efficiency (DOGE), appointing Vivek Ramaswamy and tech entrepreneur Elon Musk to spearhead the initiative. The department aims to streamline government spending and operations, bringing a private-sector mindset to the federal bureaucracy.
“These two exceptional Americans will lead efforts to dismantle wasteful bureaucracy, cut excessive regulations, and restructure federal agencies—key pillars of the ‘Save America’ movement,” Trump declared in a Truth Social post.
The initiative will operate outside traditional government channels, with Ramaswamy and Musk tasked with advising on sweeping structural reforms. Their term is set to last until July 4, 2026.
Musk took to X (formerly Twitter) to emphasize transparency in the department’s actions. “All DOGE-related efforts will be publicly accessible. If citizens feel we’re cutting something essential or sparing something wasteful, they can weigh in,” Musk wrote. He also hinted at creating a “leaderboard” showcasing the most absurd government expenditures, calling it both “tragic and entertaining.”
This announcement aligns with speculation flagged by CoinDesk in mid-October, which noted growing investor interest in DOGE due to its memetic nature. Analysts had predicted that increased chatter around “DOGE” in mainstream media and retail spaces could drive the token’s price higher.
DOGE has surged nearly 250% in the past month, hitting levels not seen since 2021. With the new DOGE initiative dominating headlines, traders are now eyeing the elusive $1 mark as a potential long-term price target.
