Dogecoin Future Looks Bright as Elon Musk Promises Transparency

• Elon Musk and Vivek Ramaswamy have been named as the head of DOGE agency.
• Donald Trump said that DOGE will focus on improving the efficiency of the government.
• Dogecoin has skyrocketed 100% in the past 14 hours, aiming for $0.4.

Dogecoin (DOGE), the largest meme coin in the crypto space, has gained attention following Elon Musk’s announcement of increased transparency for the newly proposed Department of Government Efficiency (DOGE).

In a post on X (formerly Twitter), President-elect Donald Trump confirmed that Musk and Vivek Ramaswamy would head the department. The agency aims to eliminate wasteful spending and reform government operations. It also seeks to streamline public service functions, a move expected to introduce greater efficiency.

Trump stated that Musk’s leadership would help “dismantle government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies.” Musk added that the initiative would upset those benefiting from inefficiencies while tackling the country’s fiscal challenges.

Musk emphasized the need to address the unsustainable fiscal trajectory of the United States, pointing to the $1 trillion defense budget and the substantial interest payments on national debt. His remarks have fueled discussions around the role of DOGE in broader economic reform.

“I need a lot of security, but it’s got to be done, and if it’s not done, we’ll just go bankrupt.”

Dogecoin Price Surge in the Past Week

Over the past 24 hours, Dogecoin (DOGE) has declined 9.53%, trading at $0.3672—down 50.07% from its May 2021 all-time high of $0.7376. Despite the recent dip, DOGE has surged 76.62% in the last week and 228.65% over the past month. Since November 2023, it has climbed an impressive 378.50%.

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Dogecoin’s market capitalization now stands at $53.99 billion, supported by a trading volume of $37.14 billion, which has increased by 45.41% in the past day. With a 107.9% rise in the last 14 days and the establishment of the DOGE department, many speculate that Dogecoin could soon reach $0.4.