TLDR
- In 2013, Dogecoin started as a meme but grew into a cultural and financial phenomenon.
- Elon Musk’s support made DOGE mainstream, calling it “the people’s crypto.”
- Musk now leads the Department of Government Efficiency (D.O.G.E.), using blockchain principles to streamline governance.
- D.O.G.E. aims to simplify bureaucracy and enhance public engagement.
Dogecoin was meant to be a silly internet meme, but it ended up being a cryptocurrency that, as of today, has a 24-hour trading volume of $18.18B. In 2021, Elon Musk called Dogecoin, “the people’s crypto” and Dogecoin value shot up 50%!
After that, many of the Dogecoin value fluctuations have resulted from Musk’s public comments. Elon Musk paid a nice ode to Dogecoin when he was appointed co-chair of the Department of Government Efficiency, also known as D.O.G.E. The value of Dogecoin started to shoot upwards yet again! 2.3%, to be exact.
The Formation of D.O.G.E. : A New Era for Governance
The newly elected president of the United States of America, Donald Trump, made headlines as he appointed Elon Musk and Vivek Ramaswamy as co-chairs of the Department of Government Efficiency. It’s more so of an advisory body than an official government department.
The purpose of this advisory body is to align technological innovation with the public sector. Elon Musk is quite confident and hopeful that this department will usher in a new technological era for the people of America and, ultimately, the world.
D.O.G.E. also seeks to streamline federal operations and hopes to embrace transparent and efficient solutions. Some of which are directly inspired by blockchain principles.
Donald Trump expressed confidence that Elon Musk and Vivek Ramaswamy would lead efforts to overhaul government operations. He emphasized their role in reducing bureaucracy, eliminating unnecessary regulations, curbing wasteful spending, and restructuring federal agencies as part of the broader “Save America” initiative.
D.O.G.E. marks a transformative shift in how the world of technology and governance intersect. Moreover. this advisory body itself also has an expiry date.
On X, Ramaswamy has explained why they have set an expiry date for D.O.G.E:
“Most government projects should come with a clear expiry date. That’s why we set one for D.O.G.E: July 4, 2026”
How D.O.G.E will mimic Dogecoin’s Growing Utility
Though Dogecoin originated as a meme, it has practical applications that align with D.O.G.E.’s goals.
Firstly, it has low transaction fees, ideal for fast and small-scale payments without substantial costs. Moreover, Dogecoin’s online community is very active and collaborative, an approach that D.O.G.E wants to implement in governance. Lastly, Dogecoin is a decentralized currency that encourages financial inclusivity at a global level.
Dogecoin is a popular coin for its simplicity, which is one of the key elements that Elon Musk wishes to implement in government.
