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Elon Musk is changing the crypto balance again: Is D.O.G.E. the next Dogecoin?
Elon Musk has once again caught the market’s attention with his latest post about the Department of Government Efficiency (D.O.G.E.). In a post on social media, the Tesla CEO stated that he aspires to reduce the spending of the “federal government” which he called “a big mess.” This caused a stir among crypto enthusiasts, especially since the abbreviation of the department (D.O.G.E.) is similar to the name of the popular meme coin Dogecoin.
What is the Department of Government Efficiency (D.O.G.E.)?
After Donald Trump won the elections, there was a focus on this department that aims to reduce government spending and make operations more efficient and at lower costs.
The topic became more exciting after Trump appointed Musk and Vivek Ramaswamy to manage the project, which made people discuss the impact of these events on the crypto market.
The administration explained that the federal government spends 80% of its $100 billion IT budget on expensive, hack-prone legacy systems. Musk commented on the subject, saying: “It’s time to clean up this big mess.”
Musk’s impact on Dogecoin
Because the administration’s name is similar to Dogecoin, there has been a lot of discussion in the crypto community. Musk is known for his support of DOGE, which has recently driven up its price.
But today, the price of the coin has fallen by more than 5% with the collapse