Elon Musk and Vivek Ramaswamy to Lead Government Reform Initiative
U.S. President-elect Donald Trump has unveiled the Department of Government Efficiency (DOGE), aiming to slash $6.5 trillion in government spending through radical operational reforms. Helmed by Elon Musk and entrepreneur Vivek Ramaswamy, the initiative promises to overhaul bureaucracy with an entrepreneurial ethos.
Musk, a vocal critic of regulatory excess, vowed to “shock the system” by dismantling inefficiencies and reshaping governance. His close ties to Trump, strengthened since Musk reinstated Trump’s X account in 2022, underscore the duo’s collaborative ambitions for structural reform.
Vivek Ramaswamy’s role further cements DOGE’s crypto-centric vision. A staunch advocate for crypto deregulation, Ramaswamy’s firm, Strive Enterprises, recently launched a Bitcoin-integrated wealth management service. His involvement underscores a broader push to legitimize crypto in governance, bridging the gap between regulatory reform and financial innovation.
Following the announcement, Dogecoin’s price soared by 150%, reaching $0.4039 before settling at $0.39 amid trading fluctuations. The surge reflects Dogecoin’s historical sensitivity to Musk’s actions, as seen in prior spikes tied to his social media endorsements.
Daily trading volume surged to $47 billion, with public enthusiasm fueled by Trump’s release of $28 DOGE-themed merchandise featuring Musk and the Doge mascot. The Mars-themed designs have captivated both crypto enthusiasts and political supporters, underscoring the token's dual role as a financial and cultural phenomenon. This prompted demand for the answer to the question: Will DOGE reach $1 any time soon?
Meanwhile, Musk’s cryptic reference to the “Peanut the Squirrel” meme drove a parallel surge in the Solana-based PNUT token. Its value exploded by 585% post-election and jumped another 64% after Musk’s post, reaching an $850 million market cap.
The token’s rise intertwines humor, politics, and market speculation, driven by the viral narrative of Peanut, a heroic squirrel, whose tragic demise became a rallying cry in political circles. Musk’s comment, “Trump will save the squirrels,” added fuel to the meme-driven financial frenzy, highlighting the intersection of public sentiment and market behavior.
As DOGE and PNUT tokens surged, meme coin Pepe also experienced a significant rally, spiking over 40% in 24 hours after Robinhood announced its listing. The platform’s decision to relist Solana, Cardano, and XRP alongside Pepe reflects a rebound from prior regulatory challenges.
At publication, PEPE’s price stood at $$0.000022, marking a 63% increase over the past week. Coinbase’s subsequent listing further bolstered Pepe’s momentum, with Chief Legal Officer Paul Grewal emphasizing expanded trading access.
This article has been refined and enhanced by ChatGPT.
