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The implementation of the DOGE program will significantly cut the US government spending from the current $6.5T annual budget and heavily deregulate the country.
Key Notes
Dogecoin price has rallied over 240 percent in the past few weeks to reach a multi-year high of about 43 cents.The overall impact of the DOGE program has attracted more investors into the crypto space, ahead of anticipated parabolic growth.The United States government, under the 47th President Donald Trump, will tap on reputable experts to ensure efficiency and less bureaucracy. According to an official statement from US president-elect Donald Trump dated November 12, tech billionaire Elon Musk will work alongside Vivek Ramaswamy, a 39-year-old American politician and entrepreneur, to lead the Department of Government Efficiency (DOGE) in the coming months.
The dual has until July 4, 2026, to deliver on the promises made during the recent Trump campaigns, mostly involving deregulating the country and cutting the high annual budget.
Moreover, the DOGE program will work closely with the White House and the Office of Management and Budget to ensure the reforms are implemented.
“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,” the announcement noted.
The lists of previous government spending have been circulating on X, with Musk noting that the impact will be both tragic and extremely entertaining. According to Trump, the DOGE program will only be comparable with the Manhattan Project, which brought together three major governments to build the first nuclear weapons during World War II.
In honor of Elon and Vivek being picked as the heads of Department of Government Efficiency (DOGE), here some of the dumbest uses of your tax dollars.
5. $20,000 to drag shows in Ecuador.
4. $30,000 to study the secret language of butchers in Paris.
3. $750,000 for the New… pic.twitter.com/I7HCjyjXbh
— Collin Rugg (@CollinRugg) November 13, 2024
Market Impact of the DOGE Program
The idea of the Department of Government Efficiency (D.O.G.E) was inspired by the leading and oldest meme coin dubbed Dogecoin (DOGE). The dog-themed meme coin has received unwavering support from Musk over the years, despite the previous legal challenges.
— Elon Musk (@elonmusk) November 13, 2024
As Coinspeaker previously reported, Dogecoin has gained more popularity in the recent past following the overwhelming success of Donald Trump and other pro-crypto leaders in the recently concluded US elections.
According to the latest market data, Dogecoin price has rallied more than 242 percent in the past four weeks to reach a new multi-year high of about 43 cents. The large-cap altcoin, with a market cap of about $55.5 billion and a daily average traded volume of around $42 billion, has been trading above the highest monthly close of about 34 cents.
From a technical analysis standpoint, Dogecoin price is on the cusp of entering the much anticipated parabolic phase after three years of bearish consolidation. In the monthly time frame, the Relative Strength Index (RSI) has rallied above the 70 percent level for the first time since July 2021.
According to veteran trader Peter Brandt, Dogecoin DOGE $0.39 24h volatility: 1.6% Market cap: $57.66 B Vol. 24h: $34.95 B price is in the same cycle as Bitcoin BTC $87 716 24h volatility: 0.0% Market cap: $1.74 T Vol. 24h: $123.77 B during the spring of 2016.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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