What is DOGE led by Musk? A comprehensive analysis by the Ministry of Government Efficiency

What exactly is DOGE? This abbreviation has sparked widespread attention both in the cryptocurrency world and on the political stage. In simple terms, DOGE stands for “Department of Government Efficiency,” an initiative led jointly by Elon Musk and Vivek Ramaswamy of the U.S. government, aimed at reducing the federal budget deficit, eliminating wasteful spending, and restructuring government agencies. But the story of DOGE goes far beyond that—it’s a name filled with creativity and humor.

The True Meaning of DOGE: From Cryptocurrency Joke to Political Reality

The origin of the name DOGE is quite interesting. It is a clever homage to the cryptocurrency Elon Musk loves—Dogecoin, with the ticker DOGE. Dogecoin was invented in 2013 by a pair of software engineers and is known for its adorable Shiba Inu mascot. Originally just a meme culture joke, it gradually grew into a high-market-cap cryptocurrency. Musk has publicly stated multiple times that he owns “a bunch” of Dogecoin, and even called himself the “Dogefather” during his hosting of Saturday Night Live in 2021, demonstrating his enthusiasm for the project.

The official team supporting DOGE further strengthened its connection to Dogecoin—selling T-shirts featuring images of President Trump, Musk, and a Shiba Inu, turning this originally entertainment-oriented name into a political symbol.

Elon Musk and Ramaswamy: The Behind-the-Scenes Drivers of This Reform

Elon Musk is the CEO of Tesla and SpaceX, and also owns the social media platform X, while Vivek Ramaswamy is an entrepreneur who ran for the Republican presidential nomination and supported Trump during the primaries. Notably, both industry leaders have decided to participate in DOGE’s efforts without compensation.

According to official information, the DOGE team will consist of “super high IQ individuals supporting small government revolution,” willing to work over 80 hours per week to push this initiative. It’s still unclear how many employees will be hired, but all positions will be unpaid, reflecting the unique nature of this project.

A Special Mechanism Existing “Outside” the Government System

DOGE is not an official U.S. government department in the traditional sense. According to the U.S. Congress website, only Congress (not the President) can approve the creation of new federal agencies. Therefore, Trump stated that DOGE would exist “outside” the government system, meaning the project might not receive direct government funding, and its influence would mainly be implemented through Trump’s supporters in Congress. This special organizational structure limits DOGE’s ability to directly control federal budgets but does not prevent it from influencing decision-making through policy recommendations.

DOGE’s Core Mission: Optimize Budgets and Streamline Government

Musk stated at the Madison Square Garden rally in New York in mid-2024: “Your money is being wasted, and the Department of Government Efficiency will fix that. We will no longer let the government bother you, no longer take money from your wallets.” This statement clearly summarizes DOGE’s core mission.

Specifically, DOGE’s main responsibilities are to publish reports offering suggestions and guidance for reducing government regulation and spending. Musk proposed cutting federal expenditures by $2 billion, roughly one-third of the total U.S. federal budget. Ramaswamy expressed his hope to reduce the number of federal government employees by 75%, though the specific budget impact of such cuts remains to be further evaluated.

Both leaders agree that large-scale cuts to federal employees and the closure of multiple U.S. government agencies, such as the Department of Education and the FBI, are necessary to achieve cost control. Musk has previously emphasized on Twitter: “The extent of government waste exceeds public imagination,” referring to the over $6 trillion in U.S. federal government spending in 2023.

The DOGE project is scheduled to continue until July 4, 2026, coinciding with the 250th anniversary of the Declaration of Independence. Musk also mentioned that DOGE will hold weekly live streams to update the public on its progress.

The Unexpected Prosperity of Dogecoin: From Meme Coin to Political Symbol

Musk’s support for the DOGE project, along with his ongoing attention to Dogecoin, has driven a significant increase in this meme coin’s price. Since Musk supported Trump’s campaign, Dogecoin’s value has soared, especially after Trump’s election and the official announcement of DOGE leadership, with its price continuing to rise.

According to the latest market data, Dogecoin (DOGE) is currently priced at $0.12, down 1.13% in the past 24 hours. Nevertheless, Dogecoin recently hit a three-year high and boosted the value of other well-known meme coins, demonstrating DOGE’s tangible influence on the crypto market. This phenomenon also reflects the deep interconnection between political events and the crypto market, especially when key figures like Musk are involved.