The new government division is tasked with eliminating unnecessary government agencies, identifying excess spending, reforming existing government agencies, and eliminating what Trump and Musk have called waste and fraud in the federal budget.

Who Elon Musk works for in the government

The appointment of Musk and Ramaswamy 47 US President Donald Trump commented on his Twitter page. Here is a comment on the matter, which is cited by Decrypt.

Together, these two remarkable Americans will pave the way for my administration to eliminate government bureaucracy, reduce excessive regulation, cut wasteful spending and restructure federal agencies.

Tesla and Twitter CEO Elon Musk

The D.O.G.E. leadership will seek to create a smaller, more accountable government focused on efficiency and entrepreneurship.

According to Musk, transparency will be the most important factor in the department’s work. That’s why its actions and strategies will be published online all the time – that’s the entrepreneur’s cue.

If the public thinks we’re cutting something important or not cutting something wasteful, just let us know. We’ll also have a leaderboard for the most insanely stupid waste of your tax dollars. It will turn out to be both very tragic and very funny.

Republican entrepreneur Vivek Ramaswamy

Trump first floated the idea of Musk heading the Department during a speech to the Economic Club of New York in September. At the time, Elon liked the idea, with him commenting on it as follows.

It would pave the way for tremendous American prosperity.

According to Trump, D.O.G.E. will complete its work by 4 July 2026, a date he described as crucial. Still, it coincides with the 250th anniversary of the Declaration of Independence.

I look forward to seeing Ilon and Vivek make changes to the federal bureaucracy to increase efficiency while improving the lives of all Americans.

The price of the Dogecoin meme token reacted positively to the announcement of the Department’s approval. DOGE jumped 4.4 percent over the past 24 hours amid a market correction, but the cryptocurrency is up 96 percent on the week.

Dogecoin DOGE exchange rate change over the past month

😈 MORE INTERESTING STUFF CAN BE FOUND IN OUR YANDEX.ZEN!

Accelerating the rally in DOGE could be helped by altcoin-based spot ETFs, which are able to attract capital from large investors in the coin. Until recently, the prospect of their approval seemed vague, but now things are much better in this regard.

Such an opinion was shared by Bloomberg analyst Eric Balchunas.

The ETF industry is open to crazy experimentation. I imagine we’re going to see a lot more, including an attempt to approve spot exchange traded funds based on DOGE. I’m surprised that no company has yet applied to list such an instrument.

Bitcoin spot ETFs were approved this year, but the first application was submitted to regulators over a decade ago.

The listing process likely would not have been possible had the SEC not lost a court case in which the regulator failed to argue its refusal to convert the Grayscale Bitcoin Trust into a spot ETF. As of today, major investment funds in the US have expressed a desire to launch exchange-traded funds based on Solana SOL and XRP.

Inflows and outflows from spot Bitcoin ETFs

Bitwise senior investment strategist Juan Leon said that regulators are scrutinising ETF applications, which means Dogecoin’s prospects under the current SEC leadership are literally nil. When evaluating applications, the SEC requires the digital asset to have both a regulated futures market and a significant amount of liquidity in the spot market.

However, SEC Chairman Gary Gensler is likely to step down during Donald Trump’s inauguration on 20 January 2025. As such, Leon believes the regulator may take a softer stance on approving applications.

Tesla CEO Ilon Musk and Dogecoin

At the same time, experts emphasise that ETFs on XRP and Solana will be first in line for listing. The above projects have useful use cases, while DOGE remains a meme-coin – albeit the largest in the world.


Apparently, the acronym for the new department was an initiative of Ilon Musk, who was particularly active in promoting Dogecoin during the previous bullrun. Whether he will stop there is unknown. However, such advertising will definitely increase the number of Doge investors among the entrepreneur's fans. And the market will feel it.

Look for more interesting things in our crypto chat. We are waiting for you there to properly enjoy the current bullrun in the digital asset industry.

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