As a seasoned crypto investor with over two decades of experience under my belt, I must say that the recent development involving Elon Musk and Vivek Ramaswamy heading the Department of Government Efficiency (DOGE) under President Donald Trump’s administration is quite intriguing. The potential for deregulation and budget cuts, if successfully implemented, could have a profound impact on the crypto market as a whole.
During the administration of the 47th President, Donald Trump, renowned experts are set to be consulted in order to promote efficiency and minimize bureaucracy. As stated by President-elect Donald Trump on November 12, tech tycoon Elon Musk will collaborate with Vivek Ramaswamy, a 39-year-old American businessman and politician, to head the Department of Government Efficiency (DOGE) in the near future.
As a crypto investor, I’ve got my eyes fixed on the deadline of July 4, 2026, which gives ample time for the fulfillment of the pledges made during the last presidential election cycle, predominantly focusing on deregulation and budget cuts.
Additionally, the DOGE program plans to collaborate closely with the White House and the Office of Management and Budget to guarantee that the proposed changes are carried out effectively.
According to the statement, these two exceptional Americans are joining forces to streamline our government, reduce unnecessary red tape, trim spending on non-essential items, and reorganize federal departments – all crucial steps for my administration as part of the ‘Save America’ initiative.
On platform X, lists detailing past government expenditures have been shared, with Musk commenting that the consequences would be both heartbreaking and highly amusing. As Trump asserts, the DOGE initiative is predicted to resemble the Manhattan Project in scale, a collaboration of three significant governments during World War II that led to the creation of the first nuclear weapons.
To celebrate Elon and Vivek’s appointments as the heads of the Department of Government Efficiency (DOGE), let me share some examples of how your tax money has been spent in rather peculiar ways:
5. $20,000 to drag shows in Ecuador.
4. $30,000 to study the secret language of butchers in Paris.
3. $750,000 for the New…
— Collin Rugg (@CollinRugg) November 13, 2024
Market Impact of the DOGE Program
The concept behind the Department of Government Efficiency (D.O.G.E) was sparked by the pioneering and longstanding meme token known as Dogecoin (DOGE). This dog-inspired meme token has enjoyed consistent backing from Musk for years, even amidst past legal hurdles.
— Elon Musk (@elonmusk) November 13, 2024
Previously reported by Coinspeaker, there’s been a surge in Dogecoin’s popularity lately, thanks to the triumphant run of pro-cryptocurrency figures like Donald Trump and others during the recent U.S. elections.
Based on recent market statistics, Dogecoin’s price has surged by over 242% in the past four weeks, hitting a fresh high not seen for quite some time at approximately 43 cents. This significant cryptocurrency, boasting a market value of around $55.5 billion and daily trading volumes averaging around $42 billion, is currently trading above its highest monthly closing point of about 34 cents.
Looking at technical analysis, it seems Dogecoin’s price is nearly ready to embark on the highly anticipated parabolic surge, which hasn’t been seen since a three-year stretch of bearish consolidation ended. In terms of the monthly chart, the Relative Strength Index (RSI) has climbed above 70%, a level not reached since July last year.
According to long-time trader Peter Brandt, Dogecoin’s current price pattern mirrors that of Bitcoin during the spring of 2016.
Read More
Sorry. No data so far.
2024-11-13 11:57