(Kitco News) – Bitcoin’s (BTC) rally to new highs is topping the headlines across the crypto sphere, but it's not the only digital asset that is exciting the community and causing a scene as Dogecoin (DOGE) has rallied 120% over the past week – and could continue to see gains in the near future – thanks to a little help from President-elect Donald Trump and X owner Elon Musk.
“I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (“DOGE”),” a statement released by Trump said.
“Together, 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 - Essential to the 'Save America' Movement,” he added. “I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans.”
Never known for his subtlety, Trump said DOGE “will become, potentially, ‘The Manhattan Project’ of our time. Republican politicians have dreamed about the objectives of ‘DOGE’ for a very long time.”
“To drive this kind of drastic change, the Department of Government Efficiency will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large-scale structural reform, and create an entrepreneurial approach to Government never seen before.”
Trump said he looks forward to “Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans.”
“Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 Trillion Dollars of Government Spending. They will work together to liberate our Economy, and make the U.S. Government accountable to ‘WE THE PEOPLE,’” he concluded. “Their work will conclude no later than July 2, 2026 – A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America on the 250th Anniversary of The Declaration of Independence. I am confident they will succeed!”
While the development surprised some, others expected it as Trump promised on the campaign trail to create a role in the federal government for Musk, who became an increasingly influential voice in conservative politics during this election cycle.
During a previous conversation between Musk and Trump, Musk proposed a “government efficiency commission” to monitor federal agencies.
“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” Musk said in response to Trump's announcement.
“We will not go gently,” Ramaswamy said in a post on X before elaborating on the goals of DOGE.
“Here’s a key point about our mission at DOGE: eliminating bureaucratic regulations isn’t a mere policy preference,” Ramaswamy said. “It’s a legal *mandate* from the U.S. Supreme Court: West Virginia v. EPA (2022) held that agencies cannot decide major questions of economic or political significance without ‘clear congressional authorization.’ This applies to *thousands* of rules that never passed Congress.”
He also cited the Loper Bright v. Raimondo (2024) case, which ended Chevron deference. This means “agencies can't foist their own interpretations of the law onto the American people. Over 18,000 federal cases cited the Chevron doctrine, often to uphold regulations, many of which are now null & void.”
After citing several additional cases, Ramaswamy said, “DOGE is ready to help the U.S. government conform to the U.S. Constitution once again. @elonmusk and I are ready to serve.”
Speculation around Trump’s DOGE announcement, which was teased by Musk for months before the official statement, resulted in the price of Dogecoin rallying from $0.165 on the night of Trump’s re-election to a high of $0.44 on Tuesday before the statement was released.
DOGE/USD Chart by TradingView
After topping out at $0.44, DOGE price corrected to $0.337, but the extra media attention brought by the statement’s release helped it rebound quickly, and DOGE hit a high of $0.434 on Wednesday morning.
At the time of writing, DOGE trades at $0.415, an increase of 8.78% on the 24-hour chart and 116.8% on the 7-day chart.
