After Elon Musk announced the government agency with the same acronym as Dogecoin’s ticker, the crypto token soared to a yearly high of $0.39.
Coinbase CEO Brian Armstrong expressed positive sentiments for the newly created Department of Government Efficiency (DOGE), which billionaire Elon Musk and Vivek Ramaswamy will head.
On Aug. 20, United States President-elect Donald Trump floated the idea of bringing Musk into his Cabinet or giving the billionaire an advisory role starting in January 2025. At the time, Trump did not specify which department he planned to put the Tesla CEO in.
On Nov. 13, Trump appointed Musk and Ramaswamy to lead a new government agency focused on increasing efficiency by reducing federal spending and cutting regulations. DOGE will slash unneeded regulations, cut wasteful expenses and restructure federal agencies.
