Dogecoin Price Rallies 10% as Trump Appoints Elon Musk To Lead “DOGE”

The United States President-elect Donald Trump has announced the formation of a new initiative aimed at enhancing government efficiency, with Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy appointed to lead the Department of Government Efficiency, abbreviated as “DOGE.” 

Following the announcement, Dogecoin (DOGE) saw a surge in value, climbing nearly 10%, as traders responded positively to the news, signaling increased interest in the cryptocurrency.

Trump Appoints Musk and Ramaswamy

In his statement, Trump outlined the department’s primary goals: cutting redundant regulations, eliminating wasteful spending, and restructuring federal agencies.

“Together, these two wonderful Americans will pave the way for my administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said.

Musk and Ramaswamy were influential supporters of Trump during the 2024 election, with Musk notably contributing about $119 million through his pro-Trump political action committee, America PAC. Musk, a long-time advocate for deregulation and innovation, is seen as a key ally in advancing policies that promote efficiency and reduce governmental oversight.

Musk and Ramaswamy will lead the Department of Government Efficiency from outside the federal structure, collaborating closely with the White House and the Office of Management and Budget (OMB) to drive transformative changes. Trump likened the effort to a modern-day “Manhattan Project,” underscoring its ambitious scope.

Is a DOGE ETF Coming?

The formation of an initiative aimed at enhancing government efficiency, particularly in digital asset regulation, has sparked significant interest in the cryptocurrency market. The move toward clearer and crypto-friendly regulations is fueling speculation about the future of cryptocurrency investment products, with Dogecoin (DOGE) being a potential candidate for an exchange-traded fund (ETF) listing.

Eric Balchunas, a senior ETF analyst at Bloomberg, suggested that DOGE could follow Bitcoin (BTC) and Ether (ETH) in securing an ETF listing, driven by increasing regulatory clarity and institutional interest. Nate Geraci, president of the ETF Store, also shares this view, calling a “Spot DOGE ETF filing inevitable,” with key developments expected in 2025. Together, these remarks indicate that an ETF could boost interest in Dogecoin.