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Serial tech entrepreneur and owner of the X social media platform (formerly known as Twitter), Elon Musk, posted a "D.O.G.E." tweet after earlier publishing a document about being appointed as the head of the Department of Government Efficiency formed by the new U.S. president.
The new department will be in charge of reducing the enormous U.S. government spending over the past four years. The U.S. national debt has grown by trillions at an incredibly fast pace, reaching $35.81 trillion as of October this year. Over the past four years, the debt has increased by $8.06 trillion.
Several times, Musk has stated publicly that he prefers to call this organization D.O.G.E. for short since this abbreviation is similar to the name of the largest meme cryptocurrency, Dogecoin (DOGE).
The Dogecoin army reacted enthusiastically, with many X users mentioned DOGE, expecting that after this appointment by Musk, the iconic meme-inspired cryptocurrency would skyrocket in price.
Yuri MolchanDogecoin founder shares take on Musk and D.O.G.E.
One of the two Dogecoin founders and a pen pal of Elon Musk, Billy Markus, who is an active X blogger and a content creator, took to his X account to share his take on the current high levels of U.S. government spending and D.O.G.E., which is meant to put at end to that.
Markus believes that reducing government spending is likely to be painful. “Our economy is addicted to government money - the recent gdp growth has mostly been from unsustainable government spending,” he wrote in the tweet.
The Dogecoin cofounder said that it is “absolutely necessary” to bring down “the insane amount of spending” that the government is facilitating because, otherwise, the “whole empire will collapse.”
He reminded the community that in the past 15 years, the national debt has added 15 trillion U.S. dollars. “Because it’s so entangled and the government bloated up so much recently, it’s not going to be flowers and rainbows,” Markus pointed out. He says that now the right person has been appointed to bring down spending and slow down the growth of debt - meaning Elon Musk.
This week, within only a single day – on Monday – Dogecoin soared by more than 52%, hitting $0.43409. By now, DOGE has pulled back by roughly 12.74% and is changing hands at $0.37578.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
U.Today Editorial Team
Vladislav Sopov