TLDR
President-elect Trump appointed Elon Musk and Vivek Ramaswamy to lead new Department of Government Efficiency (DOGE)
Four DOGE-themed tokens surged dramatically after announcement, with gains between 65% to 556%
Musk promises full transparency with all department actions posted online
Project will run until July 4, 2026, focusing on cutting bureaucracy and wasteful spending
Original DOGE token holder reportedly turned six-figure investment into $12 million
President-elect Donald Trump announced the appointment of Elon Musk and Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (DOGE), triggering a surge in related cryptocurrency tokens and renewed interest in government reform efforts.
The announcement, made Tuesday on Trump’s Truth Social platform, outlined plans for the duo to work outside traditional government structures while providing guidance on reducing bureaucracy and streamlining federal operations. Their appointment will extend through July 4, 2026.
Trump emphasized the importance of their roles in his upcoming administration. “These two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies,” he stated in his announcement.
Musk quickly responded to his appointment on X (formerly Twitter), promising complete transparency in the department’s operations.
“Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know,” he posted.
The tech entrepreneur also announced plans to create a public leaderboard highlighting examples of government waste.
All actions of the Department of Government Efficiency will be posted online for maximum transparency.
Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!
We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0
— Elon Musk (@elonmusk) November 13, 2024
The cryptocurrency market responded swiftly to the news. Four different tokens themed after the Department of Government Efficiency experienced dramatic price increases within hours of the announcement. The gains ranged from 65.52% to an impressive 556%, showing the crypto market’s quick reaction to political developments.
The largest of these tokens, featuring the Dogecoin mascot Shiba Inu, reached a market cap of $342 million. This particular token traded at $0.372, after touching an all-time high of $0.402 on November 13. One early investor reportedly transformed a six-figure investment into $12 million over just two months.
The original Dogecoin (DOGE) also saw price movement, gaining over 20% following the announcement. The token’s price increase reflects its historical connection to Musk, who has previously expressed support for the cryptocurrency.
The Department of Government Efficiency will partner with the Office of Management and Budget, focusing on structural reforms and introducing business-minded approaches to government operations. This aligns with Trump’s broader “Save America” movement, which aims to reshape federal spending patterns.
Trading volumes across DOGE-related tokens increased substantially, with smaller market cap tokens showing the most dramatic percentage gains. The market reaction highlights the growing intersection between political announcements and cryptocurrency trading activity.
new Department of Government Efficiency (D.O.G.E) / $DOGE ATH: $370 million market cap!
this is coming in as US President Trump officially announces the formation of the Department of Government Efficiency – with Elon Musk to lead the department
with D.O.G.E’s new ATH, i have… https://t.co/AeY67HWImu pic.twitter.com/6yIOgk7lD0
— Unipcs (aka ‘Bonk Guy’) (@theunipcs) November 13, 2024
The planned reforms include a comprehensive review of government spending practices. Musk’s proposed leaderboard for wasteful spending aims to engage public participation in identifying areas for improvement. This approach combines traditional government oversight with modern social media engagement strategies.
The department’s structure represents a departure from conventional government operations, as both Musk and Ramaswamy will operate from outside the federal government while providing reform recommendations.
Market analysts noted the unusual nature of the price movements, with four similarly named tokens all experiencing substantial gains simultaneously. The largest token’s market cap growth suggests strong investor confidence in the project’s potential impact.
Trading data shows increased activity across multiple cryptocurrency exchanges, with several DOGE-themed tokens reaching new price highs. The market response indicates growing interest in politically-connected cryptocurrency investments.
Dogecoin Price on CoinGecko
The announcement builds on earlier speculation about the department’s formation, which began when Musk shared a teaser poster featuring himself, Trump, and the Shiba Inu dog mascot. This initial post had already sparked interest in related tokens, with some seeing gains of over 33,000% from September lows.
Current trading patterns show continued investor interest in these tokens, though prices have stabilized somewhat following the initial surge. Market participants are watching for additional details about the department’s specific initiatives and implementation timeline.
The department’s formation represents a new approach to government reform, combining traditional efficiency measures with modern transparency tools and public engagement strategies. Musk’s involvement adds a tech industry perspective to government operations.
The post The DOGE Days of Government: Musk’s New Role Sparks Token Frenzy appeared first on Blockonomi.