Musk's reform initiative aims to slash federal inefficiencies and streamline expenditure.
Dogecoin (DOGE) surged approximately 14%, climbing from $0.34 to $0.39 minutes after the Department of Government Efficiency, led by Elon Musk, dropped their official website with the crypto asset’s logo, according to CoinGecko data.
The newly launched website declares itself as an official site of the United States government, prominently featuring the department’s name alongside a dollar sign and the slogan “the people voted for major reform” at press time.
The establishment of the DOGE was officially confirmed on Monday when President Donald Trump signed an executive order creating the department.
The order renamed the United States Digital Service (USDS) as the United States DOGE Service and outlined its mission to modernize federal technology and enhance governmental efficiency, with Tesla CEO appointed as its leader.
The department, first proposed during Musk’s campaign swing Donald Trump in Pennsylvania on October 17, 2024, aims to improve government spending efficiency and streamline departments handling taxpayer funds.
Trump previously picked Musk and Vivek Ramaswamy to co-lead the agency after his election victory. However, Ramaswamy announced Monday he was stepping down to prepare for his Ohio gubernatorial campaign.
DOGE’s mandate includes identifying and eliminating inefficiencies in federal spending, which exceeds $6.5 trillion annually. The department plans to reduce bureaucracy, cut wasteful spending, and restructure federal agencies without requiring legislative action.
Musk will spearhead a comprehensive financial and performance audit of federal operations, working alongside the White House and Office of Management and Budget to implement structural reforms.
After the sudden rally, Dogecoin retreated to $0.37, maintaining a 2% gain over 24 hours. The meme token dropped below $0.35 on Monday amid a broader market decline after Trump’s inauguration speech made no mention of Bitcoin or crypto assets.
