US President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead a new initiative called the Department of Government Efficiency (DOGE) to reduce government inefficiencies and streamline spending. The department aims to significantly reduce waste in the government’s budget and will operate independently but collaborate with the White House. Musk and Ramaswamy, both strong crypto supporters, will invite public submissions on government waste and misuse. Trump envisions a smaller, more efficient government by July 4, 2026, coinciding with the US Declaration of Independence’s 250th anniversary. Despite excitement among Dogecoin supporters, its price fell 10% after the announcement, but market observers believe Musk’s involvement may benefit the memecoin.
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