DOGE in the White House

In a surprising move, President-elect Donald Trump has introduced the Department of Government Efficiency (DOGE), a cost-cutting initiative aimed at streamlining U.S. governance. The department will be led by billionaires Elon Musk and Vivek Ramaswamy, a former Republican presidential candidate.

Their mission:downsize bureaucratic structures, cut excessive regulations, and reduce waste across federal agencies.

An Entrepreneurial Shift in Government

The DOGE initiative signals a sharp turn away from traditional governance, embracing what Trump describes as an “entrepreneurial approach” to reform. Musk, a longtime deregulatory advocate, has championed the DOGE concept for months, seeing it as a practical way to improve efficiency and eliminate waste. Vivek, echoing that sentiment, has announced plans to crowdsource public reports on government waste, in line with recent Supreme Court decisions criticizing the administrative state. Together, Musk and Ramaswamy plan to enact sweeping reforms in an effort to reshape federal governance.

Dogecoin’s Market Surge

Trump’s DOGE announcement has galvanized the Dogecoin market, with the coin jumping from $0.15 to around $0.40 as of November 13, driven by investor enthusiasm for Musk’s involvement. As the sixth-largest cryptocurrency, Dogecoin now has a market cap of $59.4 billion, helped by Musk’s history of promoting the coin on social media.

DOGE/USD Technical Analysis

Following the DOGE initiative news, Dogecoin’s price shows bullish momentum. Trading above the 100-hourly simple moving average, immediate resistance levels stand at $0.4000 and $0.4150. If DOGE can secure a close above these levels, price targets could rise to $0.4320 and $0.4500. Support zones include $0.3815 and $0.3730, with a significant support level at $0.3465 (38.2 fib.), should a correction occur.

What’s Next

The creation of the DOGE department and Dogecoin’s price response underscores the growing intersection between cryptocurrency and government. Musk’s involvement is likely to introduce additional volatility to Dogecoin, while Trump’s DOGE initiative raises questions about the feasibility of applying entrepreneurial strategies to public administration. If successful, the DOGE department could not only transform U.S. governance but also establish a model for future public-private collaborations focused on efficiency and reform.