Donald Trump officially announced the establishment of the New Department of Government Efficiency (D.O.G.E.) during his inauguration ceremony, causing mixed movements in the Dogecoin market and parody DOGE tokens.
Establishment of the Department
In a speech following the oath-taking ceremony, Trump revealed his intention to create a new department aimed at re-establishing the federal government's competence and effectiveness. An executive order related to the establishment was issued. DOGE lost 5% of its value within the last 24 hours but later recovered some losses. The CoinDesk 20 index fell nearly 5%, while Bitcoin decreased by 3%.
Elon Musk’s Role
The department will be led by technocrat Elon Musk. Although the department’s website initially showed no direct relationship with the largest memecoin, it began displaying the Dogecoin token logo. Musk first introduced the idea of using DOGE as a civilian agency to make government spending more efficient back in October.
Cryptocurrency Market Reaction
Trump’s announcement did not create the expected positive impact in the Dogecoin markets. As markets generally declined, parody DOGE tokens drew attention. The future actions of the department, led by Elon Musk, may play a crucial role in shaping DOGE’s market performance.
The establishment of the New Department of Government Efficiency by Donald Trump resulted in mixed reactions in the markets, with no significant positive impact on Dogecoin. Future steps by Elon Musk could influence the token's valuation.