Elon Musk's New Government Agency DOGE Sends Dogecoin Price to Yearly High

The recent announcement of billionaire Elon Musk taking the helm of a new government agency, the Department of Government Efficiency (DOGE), has sparked a significant surge in the price of Dogecoin DOGE/USD.

Billionaire Elon Musk's recent announcement of heading a new government agency, the Department of Government Efficiency (DOGE), has led to a major surge in the price of Dogecoin (DOGE).

Last week, President-elect Donald Trump revealed that Musk and entrepreneur Vivek Ramaswamy would lead the new department, tasked with cutting government spending and regulations. Following this news, Dogecoin's price hit a yearly high of $0.39.

On Sunday, Coinbase CEO Brian Armstrong voiced his support for the DOGE agency on X, seeing it as a chance to enhance economic freedom in the U.S. He proposed constitutional amendments to cap government spending at 10% of the GDP.

. @DOGE is a once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.

The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over…

Armstrong also suggested creating a sovereign wealth fund, where each U.S. citizen would own a share, and budget surpluses would generate dividends to the shareholders.

While the DOGE government department is not linked to Dogecoin despite sharing the same acronym, the announcement triggered a significant rise in the price of the cryptocurrency.

Musk, who has been accused of manipulating Dogecoin's price in the past, was successfully cleared of any wrongdoing in a 2022 lawsuit over the matter.