Trump asks Elon Musk to lead the new US ‘DOGE’ department

Dogecoin (DOGE), the main meme coin, is making waves within the cryptocurrency world because it has risen considerably following Donald Trump’s victory within the US presidential election. Right now, November 13, 2024, Trump introduced that Elon Musk and Vivek Ramaswamy will lead a newly created Division of Authorities Effectivity, abbreviated as DOGE.

DOGE departmental goal

The primary goal of this DOGE division in the USA authorities is to function the federal government and its departments effectively and to reform federal spending and regulatory practices. Nonetheless, in his speech, Musk acknowledged that he would run this division like the corporate he runs, the place those that work will get incentives and those that do not will face the results.

In a press release, Trump mentioned the Division of Authorities Effectivity (DOGE) will make the U.S. authorities extra streamlined and efficient. This initiative goals to get rid of extreme rules, scale back wasteful spending, and reorganize federal companies to make sure they function extra effectively.

Present worth momentum

Following the announcement, volatility in DOGE has skyrocketed and the worth has elevated considerably. At present, DOGE is buying and selling round $0.38, marking a acquire of 9% within the final 24 hours. On the identical time, buying and selling quantity has elevated by 90%, indicating better participation from merchants and traders amid this bullish outlook.