Tokens inspired by “efficiency” have become quite an expensive mess for investors.
Coins based on the new Department of Government Efficiency, a recently established organization focused on cost reduction during the Trump administration, experienced a significant drop in value on Sunday.
[Graph or table displaying the Dogecoin price trend over time]
A different design of a coin featuring a dog donning a cap resembling the MAGA one, experienced a 20% decrease when checked on Sunday and was found in the negative.
The authentic group of business leaders, known as the “real DOGE,” who aim to cut through red tape and reduce bureaucracy, have ignited curiosity and doubt.
The jointly managed agency, featuring Elon Musk and Vivek Ramaswamy as co-leaders, originally claimed it could save $2 trillion from the federal budget. However, this week, Musk adjusted his projection, calling a reduction of $1 trillion “an outstanding achievement.
Regarding X, the property he manages, Elon Musk outlined his aspirations: “If we aim for a value of $2 trillion, we’d have a decent chance of achieving it. This would stimulate the economy, lower inflation rates, and, let me tell you, it would be quite spectacular.
Watch Stagwell’s CEO Mark Penn interview Elon Musk at CES!
— Live (@Live) January 9, 2025
In the days that followed Elon Musk’s remarks, the tokens reminiscent of the agency whose acronym represents Dogecoin’s trading symbol saw a significant drop in worth.
Musk pointed out that it’s extremely challenging for individuals to be concerned with spending someone else’s funds. He also mentioned that federal guidelines frequently make big projects either unlawful or excessively costly.
As it has been discovered, DOGE, contrary to some misconceptions, does not form a part of the government structure and does not possess the ability to actually reduce expenditures or enforce policies. Instead, its role is advisory in nature, offering suggestions to the White House on areas where spending could potentially be reduced.
tech columnist Kara Swisher, who’s previously conversed with Musk, found it unsurprising that Elon Musk, the Tesla chief executive, unexpectedly played down the potential achievements of Dogecoin.
She commented on social media, ‘Musk is often about more than meets the eye.’ She implied he tends to boast excessively and not deliver as promised.
Swisher referred to various projects spearheaded by Musk, such as the Hyperloop, self-driving taxis, and autonomous vehicles, as illustrative cases.
“The weird part is he is fully capable of delivering good stuff when he just shuts up,” she added.
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2025-01-13 04:50