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President-elect Donald Trump is already making good on his crypto promises.
He has authorized the establishment of a new “Department of Government Efficiency”— or D.O.GE.
Tesla C.E.O. Elon Musk and entrepreneur Vivek Ramaswamy will head this department.
D.O.G.E. will be established to reduce wasteful spending and increase government accountability.
Conversations like these have reignited hopes for a new Dogecoin ETF in the U.S.
It turns out that Donald Trump is already up and running on his crypto-related promises.
This week, the President-elect announced a bold new initiative—he aims to address government inefficiencies in the U.S. by creating the "Department of Government Efficiency”—abbreviated as D.O.GE.
He has tapped Tesla C.E.O. Elon Musk and entrepreneur Vivek Ramaswamy as its leaders, and the agency's mission will be to eliminate unnecessary federal structure.
The department will also reduce wasteful spending and increase government accountability to the American public.
Here are all the details of this new move and why a Dogecoin ETF is In the works.
"Our government is bloated, costly, and filled with excess," Trump stated in a post uploaded by the official "War Room" account.
“Elon and Vivek will lead us in making the U.S. government leaner, simpler, and more effective.”
He highlighted this initiative as a major part of his “Save America” campaign, with which he plans to effect change across several federal institutions.
Musk, who is known for his involvement in crypto, commented and stated that the department’s operations will be as transparent as can be.
He also stated that all its actions will be posted online for the public to comment on and criticize.
Musk tweeted, "We'll have a public leaderboard showcasing the most insane cases of taxpayer money waste. "
“It’ll be both tragic and entertaining.”
Musk's Comments on the Department of Government Efficiency
This level of openness will do much to restore the public's trust in government.
Musk also encouraged commenters to share their views on things like government expenditure.
He says that the public should have a say in what programs get cut or preserved.
The new department’s work is expected to conclude by 4 July 2026.
Interestingly, this date coincides with the United States’ 250th anniversary of the Declaration of Independence.
Trump expressed confidence that the deadline will be met, with Musk and Ramaswamy spearheading things.
According to Musk, this new move from the U.S. government could "unlock tremendous prosperity for America."
More resources will be freed up and barriers will be lower for crypto and non-crypto entrepreneurs.
With Musk’s reputation as a Dogecoin supporter and the naming of the new department, Dogecoin is currently up by a staggering 93% over the last week.
Dogecoin’s price soaring
The memecoin’s price initially soared by around 6% after the announcement and is now stabilizing around $0.375.
Dogecoin’s ongoing rally has been part of a larger upward trend where it more than doubled since Trump’s 2024 election win.
Other memecoins also exploded in price, with Peanut and PEPECOIN exploding several times more than Dogecoin.
Dogecoin is gaining popularity, and analysts speculate that it might soon qualify for its own spot ET
This would mean that Dogecoin will follow in the footsteps of Bitcoin and Ethereum, which were approved in January and June, respectively.
There are now serious conversations from all over Twitter that Dogecoin could be next—despite its many regulatory hurdles:
Like its lack of a regulated futures market and the required liquidity, the memecoin needs to have for an ETF approval.
A possible ETF approval
Mainly, analysts like "The Wolf of All Streets" believe that if the S.E.C. were to see a change in leadership—with Gensler's resignation or replacement—regulatory requirements could get easier for assets like Dogecoin.
Bloomberg senior analyst Eric Balchunas thinks so, too, and recently highlighted the crypto industry’s experimental nature.
He speculated that the ETF market might expand soon to include more assets like Dogecoin in the near future.
Interest in crypto is growing among retail and institutional investors, especially in the heat of the ongoing bull run.
As a result, Dogecoin’s strong community backing may improve its chances of regulatory acceptance.
The S.E.C.'s recent approval of Bitcoin and Ethereum spot ETFs shows a gradual shift towards integrating digital assets into mainstream financial markets.
In essence, these analysts believe that Dogecoin’s community support could help solidify its place among these juggernauts.
Trump aims to set a new tone for government accountability with the establishment of this “Department of Government Efficiency”.
Musk and Ramaswamy’s leadership shows the growing commitment to innovation. It also shows the power of public transparency to reshape federal institutions. Whether this initiative leads to a Dogecoin ETF remains to be seen.
However, the Trump administration’s latest moves show that a future where public feedback, entrepreneurial vision, and technology intersect can be combined is possible.
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