Elon Musk Reveals Next Step For D.O.G.E., Here's All

Highlights

Elon Musk reveals plans for Department of Government Efficiency (D.O.G.E.).
D.O.G.E. aims to cut federal government spending and boost efficiency.
Musk's plans spark optimism about Dogecoin's future prospects and price.
Experts predict Dogecoin price rally to $1.05 in coming days.

Elon Musk has once again caught the eyes of the market participants with his recent post regarding the Department of Government Efficiency (D.O.G.E.). In a recent social media post, the Tesla CEO revealed that it aims to reduce “Federal government” spending, which he calls a “humongous mess.” It has also sparked discussions in the crypto market, as the department’s short form resembles the leading meme coin Dogecoin’s ticker.

Elon Musk Reveals What’s Next For D.O.G.E.

Elon Musk’s Department Of Government Efficiency (D.O.G.E.) has gained notable attention after Donald Trump’s election win. The department aims to cut federal government spending while making the government departments more efficient at lower costs.

Notably, after winning the US Presidential election, Donald Trump appointed Musk and Vivek Ramaswamy to lead the department, which has fueled discussions in the market. Besides, the Tesla CEO’s backing for Trump in the election has also caught the eyes of the market participants.

Now, the Department of Government Efficiency has recently said that the “Federal Government spends 80% of its annual $100 billion IT budget on maintaining outdated systems.” The X post also noted that maintaining the older systems takes more costs and it is also “more vulnerable” to bad actors or hackers.

Sharing the post, Musk stated, “Time to clean up this humongous mess.” The entrepreneur has earlier also raised similar issues regarding the excess federal spending, highlighting the need to cut costs. Besides, Turning Point USA founder Charlie Kirk has recently sounded the alarm on a key nomination, warning that Senate Majority Leader Chuck Schumer is pushing for Lauren McFerran to chair the National Labor Relations Board for another term.

Kirk urged GOP Senators to block the nomination, citing concerns about Democratic control during Trump’s presidency. Musk shared Kirk’s post, criticizing the current administration’s efforts to hinder government efficiency while expressing optimism about the future prospects of D.O.G.E.

Will It Impact Dogecoin?

The short form of the Department of Government Efficiency, D.O.G.E., resembling the Dogecoin ticker has sparked discussions in the broader crypto market. Besides, Elon Musk has actively supported the top meme coin many times previously through his social media posts.

On the other hand, the Tesla CEO’s recent comments have also sparked optimism among investors, as evidenced by the surge in the recent Dogecoin price. Simultaneously, Musk has also shared a series of cryptic posts recently, which has also pushed the DOGE price higher.

However, despite that DOGE price today retreated more than 5% amid a broader crypto market crash. Its one-day volume rose 74% to $12 billion and CoinGlass data showed that the DOGE Futures Open Interest slumped 21%, indicating the waning risk-bet appetite of the investors.

Meanwhile, the market experts appear to have remained bullish on the top dog-themed meme coin despite the recent retreat. For context, top experts predicted the Dogecoin price rally to $1.05 in the coming days, sparking market optimism.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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