Recently, Donald Trump announced the creation of a new Department of Government Efficiency, sparking discussions in the crypto market, especially concerning Dogecoin.
Purpose of the New Department
In his inaugural address, Donald Trump detailed the goals of the new department, focusing on enhancing federal government efficiency and competence. An executive order was issued to formalize the department's establishment.
Elon Musk's Influence on the Department
Elon Musk has been appointed as the head of the new department. Initially, the department's website showed no mention of Dogecoin, but later displayed the DOGE logo, emphasizing Musk’s suggestion to utilize the token for governmental efficiency.
Impact on Dogecoin Market
Following the announcement, Dogecoin experienced a 5% decline but managed to recover some of its losses. The CoinDesk 20 index also plummeted nearly 5%, with Bitcoin slipping by 3%.
Trump's announcement did not bring the anticipated positive effect on the Dogecoin market. However, the new department's future strategies under Musk’s leadership may significantly impact DOGE's trajectory in the coming months.
