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Highlights
- Elon Musk taps US Fed critic Ron Paul's expertise to cut Government spending.
- The investors eye potential DOGE price rally as Dogecoin fan Elon Musk gained notable attention.
- Dogecoin price rallied nearly 4% today, indicating renewed investors' confidence.
Dogecoin fan Elon Musk recently suggested ex-Congressman Ron Paul for a prospective role in his “Department of Government Efficiency.” Musk’s endorsement followed Paul’s interest in working with him to reduce government spending, hinting at a potential collaboration if Donald Trump once again secures victory in the upcoming US election. This has sparked discussions in the market, given Paul’s active criticism of the US Federal Reserve earlier.
Elon Musk Taps Ron Paul’s Expertise In Dept Of Government Efficiency
In a recent podcast, Ron Paul, an ex-Congressman and critic of the Federal Reserve, expressed willingness to support Elon Musk in minimizing government waste. However, he clarified he’s not looking for an official title. Musk quickly responded on X “It’d be great to have Ron Paul as part of the Department of Government Efficiency!” The comment was shared alongside a meme featuring Musk and Paul, which read, “What Would You Say You Do Here?” — a playful nod to the hypothetical department.
The idea of a Department of Government Efficiency aligns with Musk’s wider advocacy for streamlined federal operations. The term has attracted notable attention especially as he gains traction as a Trump supporter.
The billionaire has attended Trump rallies recently and has openly backed the former president’s 2024 campaign, emphasizing the need for what he considers a “must-win situation” to restore economic stability. His alignment with Trump isn’t new, but Musk’s active involvement in politics has intensified, including founding a Super PAC named America PAC, contributing over $100 million toward Trump’s campaign.
Meanwhile, with the 2024 election on the horizon, Trump has laid out his plans to establish a government efficiency commission if elected. He also hinted at Musk possibly playing a key role. The commission’s primary objective would be to conduct extensive audits of federal departments to identify areas of waste, unnecessary spending, and potential regulatory reform.
Dogecoin fan Musk has argued that excessive government regulations hinder essential projects, such as his vision for a high-speed rail system in the US. Ron Paul’s libertarian views and history as a budget-conscious lawmaker complement Musk’s vision.
Paul, who previously campaigned for the presidency under the Republican banner, has consistently opposed government expansion and spending. In his recent interview, he emphasized his commitment to reducing government waste and expressed enthusiasm about collaborating with Musk on this shared goal. “I’d be happy to discuss this vision,” Paul stated, adding, “It’s time to start cutting.”
Dogecoin Price Soars Amid Market Optimism
Elon Musk has been an active supporter of Dogecoin for long, which have caught the eyes of many investors. Besides, the short form of the Department of Government Efficiency (D.O.G.E) has also fueled market optimism, as seen by the recent surge in the top meme coin’s price.
Besides, while Musk and Paul haven’t formally confirmed roles in any future administration, their shared goals have garnered significant attention. Musk’s proposed department, symbolically named “D.O.G.E.,” draws a witty parallel to Dogecoin while emphasizing serious reforms.
Meanwhile, DOGE price today soared nearly 4% to $0.1622 during writing, with its trading volume falling 9% to $2.16 billion. Notably, the token has touched a 24-hour high of $0.1682, reflecting the growing market confidence. Besides, CoinGlass data showed that Dogecoin Futures Open Interest rose 1% to $1.16 billion.
However, it also comes as Elon Musk has faced legal pressure recently. According to a recent report, a US court has approved the Twitter executives’ plea to advance a lawsuit against Musk, sparking discussions in the broader market.
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