Dogecoin (DOGE) saw a 7% drop following the announcement that Vivek Ramaswamy has stepped down as co-leader of the Department of Government.
Efficiency (D.O.G.E), a controversial initiative launched by Elon Musk and backed by former President Donald Trump.
⚜️Why Did Ramaswamy Step Down?
Ramaswamy, initially chosen to lead D.O.G.E alongside Musk, cited plans to run for governor of Ohio as the reason for his resignation. In his statement, he affirmed his support for Trump’s agenda and expressed confidence in the success of D.O.G.E:
⛔“It was my honor to help support the creation of DOGE. I’m confident that Elon & team will succeed in streamlining government. I’ll have more to say very soon about my future plans in Ohio.”
Reports by political journalist Taylor Popielarz suggest that Ramaswamy’s gubernatorial ambitions made it difficult for him to manage both roles. According to Anna Kelly, a spokesperson for Trump-Vance Transition, it became clear he could not campaign while leading D.O.G.E simultaneously.
Was It Entirely Voluntary?
While Ramaswamy has not denied his political plans, reports suggest his departure wasn’t entirely voluntary. Sources, including Politico, revealed tensions between Musk and Ramaswamy over a controversial social media post in December. In the post, Ramaswamy criticized American work culture, claiming it prioritized mediocrity over excellence, which sparked backlash.
Musk reportedly pushed for his removal, with insiders claiming:
⛔ “Everyone wanted him out. They wanted him out before the tweet—but kicked him to the curb when that came out.”
D.O.G.E: Controversy and Market Impact
D.O.G.E aims to reduce federal spending through budget cuts and streamlining government processes. It has been supported by key crypto figures like Coinbase CEO Brian Armstrong and Gemini’s Cameron Winklevoss. However, the initiative has also faced criticism and legal challenges from consumer advocacy groups and law firms, alleging a lack of transparency in decision-making.#TrumpMarketInsights #CryptoSurge2025 #TRUMPOnBinance $SOL
