Elon Musk Appoints as Head of New Department: Structural Reforms and Impact on Dogecoin

user avatar

by Giorgi Kostiuk

2 years ago

US President Donald Trump confirmed Tesla founder Elon Musk's appointment as head of the new Government Efficiency Department. The appointment led to a significant rise in Dogecoin's price.

Appointment of Department Head

Donald Trump announced that Tesla founder and billionaire Elon Musk will lead a new Government Efficiency Department alongside Strive Enterprises co-founder Vivek Ramaswamy. They aim to dismantle bureaucracy and reform federal agencies.

Structural Reforms and Objectives

The new department aims to drive large-scale structural reforms outside of the US government, taking an 'entrepreneurial approach' in engagement with the White House and Office of Management and Budget. Their work is expected to be completed by July 4, 2026.

Crypto Market's Reaction to Musk's Role

The news of Musk's appointment led to a significant rise in Dogecoin's price, reaching a high of $0.4122 in the last 24 hours, despite a correction to $0.3633. DOGE is still up more than 75% on the weekly time frame, with trading volumes surging by 42%.

Elon Musk's appointment to a significant government role has impacted the cryptocurrency market, particularly Dogecoin. The planned reforms have the potential to change the US government's structure.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Cipher Mining Expands into High-Performance Computing and AI Infrastructure

Cipher Mining is leveraging its mining business assets to enter the high-performance computing and AI infrastructure market.

user avatarTomas Novak

REX Shares Launches TREX 2X Long Strive Daily Target ETF

REX Shares has launched the TREX 2X Long Strive Daily Target ETF, aiming to deliver 200% of the daily performance of Strive Asset Management shares influenced by its Bitcoin treasury.

user avatarKaterina Papadopoulou

Bitwise Submits Updated Prospectus for XRP ETF Trust

Bitwise has filed an updated prospectus for its XRP exchange-traded fund trust on September 21, reflecting ongoing regulatory efforts.

user avatarMaya Lundqvist

New York Life Investment Management Partners with Centrifuge for On-Chain Bond Strategy

New York Life Investment Management has partnered with Centrifuge to tokenize a US high-yield corporate bond strategy on the Avalanche blockchain, allowing institutional buyers to use USDC for subscriptions and redemptions.

user avatarLeo van der Veen

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.