- President Trump lastly issued an government order forming the Division Of Authorities Effectivity or D.O.G.E.
- Dogecoin
Dogecoin (DOGE) price has been on a roller coaster ride in anticipation of Donald Trump’s inauguration as the 47th President of the US. It also leveraged the hype surrounding the government agency bearing its namesake, the Department of Government Efficiency or D.O.G.E.
Upon assuming office this Monday, Trump immediately went on a signature spree, as if he were on an autograph signing session. He issued 26 executive orders and 12 memorandums on his first day alone. These formed the culmination of his campaign promises about rescinding the previous administration’s “harmful executive orders and actions,” border control, ending federal censorship, ending remote work, severing agreements with international organizations, and more.
None of the documents Trump signed on day one tackled Bitcoin (BTC), cryptocurrencies, digital assets, or anything related to them. However, one that indirectly influenced their market—Dogecoin, in particular—was his executive order titled “Establishing And Implementing The President’s ‘Department Of Government Efficiency.’”
D.O.G.E. Launches on Trump’s Day One in Office
The Executive Order on the creation of D.O.G.E. immediately catapulted Dogecoin price by 17% from a $0.341 low to a $0.4001 high on Tuesday morning (UTC), minutes after the news broke out. As of Wednesday noon, the meme coin has undergone correction at the $0.36 range after a supposed “sell the news” event following the huge D.O.G.E. announcement.
The new agency, called the “United States DOGE Service” (USDS), was a restructuring and renaming of the US Digital Service. According to Trump’s executive order, the agency will carry out the President’s 18-month DOGE Agenda “by modernizing Federal technology and software to maximize governmental efficiency and productivity.”
D.O.G.E. Leadership Shake Up
Pursuant to Section 3161 of Title 5 of the United States Code, the USDS would be headed by a USDS Administrator. So far, Trump has already announced Tesla CEO and X owner Elon Musk and former presidential candidate and Stive co-founder Vivek Ramaswamy will be the men for the job.
The President’s statement in November last year said that Musk and Ramaswamy would work together to steer the agency. However, it appears that the plans may be subject to change as Musk would unlikely divest from his business interests in the US to quell fears over a “conflict of interest” while Ramaswamy is reportedly eyeing to join the gubernatorial race in Ohio.
In addition, there have been rumors circulating that Trump’s inner circle recently nudged out Ramaswamy. Based on CBS News, citing “a person close to Trump” as a source, the former presidential candidate “has worn out his welcome.” This was apparently due to his lack of participation in the “heavy lifting” during the Trump transition and establishment of D.O.G.E.
Despite their lack of official posts, we cannot entirely rule out Musk and Ramaswamy’s possible advisory roles in the new Trump regime.