New U.S. President Donald Trump has announced plans to establish the “Department of Government Efficiency” (DOGE), an initiative proposed by billionaire Elon Musk. Notably, Musk will be appointed as the head of this new agency.
According to Trump, DOGE will undertake a key mission in reforming the federal administrative system. Specifically, the agency will focus on streamlining bureaucratic processes, removing unnecessary regulations, optimizing public spending, and restructuring federal agencies. DOGE will serve as an advisory body to the White House and the Office of National Budget Management, applying business management principles to government operations.
President Trump emphasized that DOGE’s impact could rival that of the “Manhattan Project,” the atomic bomb development project of the 1940s. The agency aims to optimize the massive $6.5 trillion annual U.S. government expenditure.
Alongside Elon Musk, entrepreneur Vivek Ramaswamy—who ran for president earlier this year—has also been appointed to a leadership role within DOGE. President Trump has set a completion deadline for the agency’s mission by early July 2026, coinciding with the 250th anniversary of the U.S. Independence Day.
Related: Elon Musk Warns U.S. National Debt Will Lead to Bankruptcy
News of the DOGE plan has had a positive effect on the cryptocurrency market, particularly for meme coins sharing the same name. Notably, since Trump’s election on November 6, the price of Dogecoin (DOGE) has surged nearly 150%, pushing its market cap to $60 billion and placing it as the 6th largest in the sector.
