Donald Trump Endorses DOGE, Dogecoin Trade Gets Moving

The event that pushed Dogecoin (DOGE) prices over 500% has finally happened, showing everyone that the cryptocurrency that started as just a meme can turn into a powerful trading network.

President-elect Donald Trump announced yesterday that he has chosen Vivek Ramaswamy and Elon Musk to lead the Department of Government Efficiency (DOGE), which aims to make government spending and management more efficient.

The pair will work without being directly involved with the government to provide advice and guidance to drive large-scale structural reforms and provide “a never-before-seen entrepreneurial approach”.

“These two great Americans will pave the way for my administration to eliminate government bureaucracy, reduce excessive regulations, reduce wasteful spending, and restructure the federal institutions necessary for the ‘Save America’ movement,” Trump said in the announcement published on the Truth Social account.

Trump stated that Musk and Ramaswamy will work on the project until July 4, 2026.

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Explaining in his X post that all actions of the Department of Government Efficiency will be published online for maximum transparency, Musk wrote:

“The public will be able to let us know if they think we are cutting off an important resource or being wasteful. There will also be a leaderboard of how much tax dollars are spent on ridiculous things. This will be both extremely tragic and extremely entertaining.”

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A CoinDesk analysis conducted in mid-October showed that DOGE trading was attracting interest among investors due to its memecoin nature, and that interest in the token may also increase in mainstream media and retail trading circles.

DOGE prices have increased by nearly 250% in the last 30 days and reached 2021 levels yesterday. Traders’ next target is $1.