KEY POINTS
- DOGE climbed over the weekend and seemed to drag other memecoins in the Sunday rally
- Many X users believe Musk will do the role justice due to his 'track record of innovation'
- Others were unsure whether it was a good idea to give the tech titan such authority
Dogecoin (DOGE), the world's top crypto memecoin by market cap, has been on a roll over the weekend after X owner Elon Musk floated what could be the possible name of the commission he will lead if Republican presidential candidate Donald Trump gets elected.
Trump said late last week that he will appoint the SpaceX founder as the chief of a new commission that will monitor and audit government spending. The GOP frontrunner said Musk himself made the recommendation to set up a commission for government auditing.
Musk Teases 'D.O.G.E'
On Saturday, the tech titan posted a photo on X that showed him sitting on a desk, behind a sign that reads "D.O.G.E." The Tesla CEO captioned the photo with the words: "Department of Government Efficiency."
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
While Musk has recently clarified that he will not promote cryptocurrencies, "at most in a joking way," he did reiterate that he has a "soft spot" for DOGE because of his love for dogs and memes.
DOGE Bounces Back to the Green
Dogecoin has been in the red in recent weeks amid a broader memecoin market slump. However, it climbed in recent days following Trump's announcement regarding Musk's potential role if he returns to the White House.
On Saturday, DOGE spiked and steadily rose throughout Sunday. The token rallied in the green late Sunday night, and data from CoinGecko shows that memecoin has been on an upward trend in the last 24 hours.
Other memecoins in the top 10 of CoinGecko's largest tokens by market value also climbed within the past day, including Pepe and Brett, which climbed 3.6% and 4.6%, respectively.
X Users Welcome the Idea
X users took to the comments section of Musk's post, with one user saying she thinks it is the "best idea" to have entrepreneurs who know "how to handle money."
That's the best idea for a Departement of Government I have ever heard. Staffed with entrepreneurs who know how to be efficient and know how to handle money. Every country in the world should implement something like this.
— Nancy Stork (@NancyStork2) September 7, 2024
One user said Musk's "track record of innovation and disruption" will surely be beneficial to a government auditing commission. "Musk could bring bold ideas to streamline government operations, cut red tape, and drive efficiency."
Imagine Elon Musk heading the Department of Government Efficiency! With his track record of innovation and disruption, Musk could bring bold ideas to streamline government operations, cut red tape, and drive efficiency.
— How It’s Engineered (@How_is_it_made) September 7, 2024
Another user urged Musk to "drain the swamp," and well-followed @songpinganq warned the tech mogul to "beef up" his security since "the immune system response" for a commission that will clean up shop won't be good.
How many government employees will be fired under your watch?
— Songpinganq (@songpinganq) September 7, 2024
Beef up your security..the immune system response for this will not be good.
China's Ming dynasty overthrew by a fired low-level government employee, Li Zicheng. pic.twitter.com/17gjZNkKFG
Other X Users Slam Musk-Led Commission
While many X users seemed open to the idea of a Musk-led government department, others had doubts. Software architect Per Arneng pointed out that efficiency isn't all to run a government department. He argued that "short-term cuts" may be a cash saver, but it is often at the cost of jobs and essential services.
While efficiency is important for businesses, in government, it’s not so simple. Short term cuts may save money but often at the cost of jobs and essential services. True success in governance isn't just about being efficient, it's about understanding the full impact on society.
— 𝒫𝑒𝓇 𝒜𝓇𝓃𝑒𝓃𝑔 【🐧λ🦀⎈】 (@per_arneng) September 7, 2024
Web3 developer Alex Ramirez said it "feels odd" to see someone given so much power, even if he wasn't voted for by the people.
Giving so much power to someone you didn't vote for feels odd, doesn't it?
— Alex Ramirez 🦀 (@RamirezAlex_) September 7, 2024
Luke Zaleski, the former head of research, reporting, and fact-checking for GQ Magazine, said Musk's photo is "what a con looks like." He said the U.S. will "never" get back the government once it is "surrendered" to the tech executive.
This is what a con looks like. If you surrender your government to Elon you will never get it back.
— Luke Zaleski (@ZaleskiLuke) September 7, 2024
You’ll be prisoners. Instead of having a government staffed with accountable normal folks working for you you’ll have a billionaire boss you have to work for
There are less than two months left before the November election. The latest polls reveal that Democratic presidential nominee and Vice President Kamala Harris has a narrow lead over Trump.
