Key Points
- US President Donald Trump released an official statement about DOGE objectives.
- DOGE and other memecoins recorded increased volatility in the last 24 hours.
US President-elect, Donald Trump, released an official statement about the upcoming Department of Government Efficiency (DOGE).
He announced that Elon Musk and Vivek Ramaswamy would lead the new cabinet, paving the way for the new Administration to dismantle the Government Bureaucracy.
Proposed DOGE Measures
Trump’s official statement reveals some of the upcoming measures that the new cabinet is set to take, including the following:
- Slash excessive regulations
- Cut wasteful expenditures
- Restructure Federal Agencies
According to him, all these measures are essential to the “Save America” movement. Trump also called the new program a potential “Manhattan Project” of our time. The Manhattan Project was a research and development project during WW II.
Trump mentioned that such drastic changes would involve advice and guidance from outside the Government and a partnership with the White House and Office of Management and Budger to drive a large scale structural reform.
DOGE’s target is to drive out the massive waste and fraud currently existing in the annual $6.5 trillion government spending.
Trump said that Musk and Ramaswamy’s work will collude no later than July 4, 2026, when the US celebrates its 250th anniversary of The Declaration of Independence.
In a post on X, Musk said that all actions of DOGE will be posted online for maximum transparency.
The political enthusiasm since Trump won the elections has been a strong catalyst for the crypto market, including the memecoin sector with DOGE and other related tokens seeing significant price surges lately.
However, this latest announcement regarding the new cabinet was not enough to continue the momentum in the memecoin sector.
Memecoins Record Increased Volatility
After a continued ascendant trajectory, the memecoin sector seems to be taking a break from its upward movement.
Today, the total market cap of memecoins, which is close to $110 billion is down by 0.4%, according to data from CoinGecko.
The 24-hour trading volume of the memecoin sector is close to $74 billion.
DOGE, which has been seeing notable price increases lately related to mentions of DOGE cabinet, is now down by 9% in the last 24 hours. SHIB is also down by 17% and PEPE’s price dropped by 10% in the last 24 hours.
However, other memecoins recorded significant price surges today, and one of them is PNUT which recorded a price surge of over 90%. Another coin related to the Dept. of Government Efficiency called DOGE is up by over 50% in the past 24 hours.
However, during the past hour, most memecoins seem to be picking up steam again, with new price surges.
The overall crypto market saw over $894 million in liquidations in the past 24 hours, $666 million in long positions, and $228 million in shorts, according to Coinglass data.
