DOGE: Dogecoin Seesaws After Trump Taps Elon Musk to Run New ‘DOGE’ Department

Shiba Inu-themed coin started out as a joke and is now a $60 billion coin with a US department named after it. Are we really in a simulation?

• Dogecoin (ticker: DOGEUSD) may be getting into politics thanks to a formal announcement made by Donald Trump. The President-elect said late Tuesday that he is whipping up the Department of Government Efficiency. In the official statement, Trump referred to it as “DOGE.” Guess who’ll be leading the DOGE Department? Yes — Tesla CEO Elon Musk, a huge fan of Dogecoin, and Vivek Ramaswamy, former Republican presidential candidate.
• "All actions of the Department of Government Efficiency will be posted online for maximum transparency,” Musk said on his X platform. “Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know! We will also have a leaderboard for the most insanely dumb spending of your tax dollars. This will be both extremely tragic and extremely entertaining 🤣🤣”
• The duo is teaming up to “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said. Dogecoin rose about 20% right after the news but later the gains fizzled out and Doge was back under its starting point for the day. Still, the Shiba-Inu themed token has advanced roughly 180% since Donald Trump won the election.