DOGE Coin Price Skyrockets 17% as Trump Launches 'Department Of Government Efficiency' (D.O.G.E.)

Dogecoin (DOGE) price has been on a roller coaster ride in anticipation of Donald Trump's inauguration as the 47th President of the US.

As Donald Trump assumed office this Monday, he wasted no time in issuing a flurry of signature documents, including 26 executive orders and 12 memorandums on his first day alone. These documents covered a wide range of topics, from border control to federal censorship and remote work.

Conspicuously absent from these initial orders were any mentions of Bitcoin (BTC), cryptocurrencies, or digital assets. However, one order indirectly influenced their market—Dogecoin, in particular.

Trump signed an executive order titled “Establishing And Implementing The President’s ‘Department Of Government Efficiency.’” This acronym, D.O.G.E., sparked a 17% surge in Dogecoin price on Tuesday morning (UTC). The meme coin quickly ascended from a $0.341 low to a $0.4001 high within minutes of the news breaking.

By Wednesday noon, the coin had corrected to the $0.36 range in a supposed “sell the news” event following the massive D.O.G.E. announcement.

The new agency, officially called the “United States DOGE Service” (USDS), is 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."

As per Section 3161 of Title 5 of the United States Code, the USDS is to be led by a USDS Administrator. To this end, Trump has already announced Tesla CEO and X owner Elon Musk and former presidential candidate and Stive co-founder Vivek Ramaswamy to 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.

Musk would be unlikely to 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.

Furthermore, there have been rumors of Trump’s inner circle recently nudging out Ramaswamy. According to CBS News, citing “a person close to Trump” as a source, the former presidential candidate "has worn out his welcome." This is 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.