Elon Musk, Donald Trump, and DOGE: Unraveling the Mystery Mission

Since Donald Trump’s election victory, Dogecoin has been pumping, the number one meme coin has gained a good 100 percent and is now trading at close to $0.40. This means that Dogecoin has reached levels last seen in May 2022. The optimism for DOGE is directly attributed to the close relationship between Donald Trump and “Dogefather” Elon Musk.

Elon Musk is said to be taking on a very special role in Donald Trump’s team, for which a new Department of Government Efficiency, abbreviated to DOGE, is being created.

The Department of Government Efficiency can be translated as “Ministry of Government Efficiency”, which doesn’t exactly sound like Dogecoin. A statement by Donald Trump outlines what he expects from Elon Musk: Together with entrepreneur Vivek Ramaswamy, Musk should examine where the US administration is wasting money, causing unnecessary bureaucracy or proving itself to be inefficient in other ways. Elon Musk’s popularity is already ensuring that DOGE is making headlines.

DOGE is supposed to save taxpayers’ money

The project is designed to be completed by July 4th, 2026, the 250th anniversary of the American Declaration of Independence. Officially, it will not have the rank of a ministry, but will report directly to the White House. Elon Musk and Vivek Ramaswamy are waiving their salaries and their future employees are apparently also set to follow suit.

X is already asking for applications for the team; they are said to be “super intelligent” and willing to work 80 or more hours a week. Some people joke about whether Dogecoin balances count as a qualification.

Musk has announced his goal of saving at least $2 trillion from the $6 trillion in spending caused by U.S. federal agencies. DOGE will predictably appear again and again in the media as a task force with red pen. Musk’s colleague Vivek Ramaswamy says he sees great potential for DOGE among federal officials and the chance to cut 75 percent of jobs.

Conclusion: Investors beware

In the semi-official Trump merchandising, a T-shirt is available that has DOGE written on it and shows Musk and Trump framing a Shiba Inu, the symbolic dog for Dogecoin. We will get used to such allusions.

But is that enough to give Dogecoin lasting momentum? When playing with memes, investors should not forget that although Dogecoin superfan Musk is now getting his “DOGE Ministry”, a role for the cryptocurrency there is not yet apparent.

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(Featured image by Kanchanara via Unsplash)

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