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The most notable figure in Donald Trump's second administration is undoubtedly Elon Musk, the CEO of Tesla. Musk is leading the 'Department of Government Efficiency (DOGE)' in the Trump administration, focusing on improving government operational efficiency and cutting federal budgets.

Musk's Department of Government Efficiency has garnered significant attention from the virtual asset (cryptocurrency) industry since its inception. The department's abbreviation 'DOGE' evokes the popular meme coin 'Dogecoin (DOGE)', which Musk has long supported. In fact, Dogecoin rose by over 16% recently after the Dogecoin logo was posted on the department's website.

The phenomenon of Dogecoin's price moving in response to Musk's actions has been ongoing for quite some time. Musk, who calls himself the 'Doge Father' and is a prominent pro-cryptocurrency figure in the Trump administration, has a long-standing connection with Dogecoin.

"DOGE, My Favorite Coin"…Self-proclaimed 'Doge Father' Musk

Musk first mentioned Dogecoin in April 2019. At the time, he stated on his X (formerly Twitter), "Dogecoin is my favorite cryptocurrency," and "It's really cool." Since then, he has mentioned Dogecoin several times on X. According to Decrypt, every time Musk tweeted about it between 2019 and 2020, Dogecoin's search volume surged.

On May 7, 2021 (local time), Dogecoin soared to an all-time high due to news of Musk's appearance on SNL. Before his SNL appearance, he posted a composite photo with the Dogecoin mascot on his X, hinting at a mention of Dogecoin, and introduced himself as the Doge Father on the SNL aired on the 8th.

However, contrary to expectations, Dogecoin plummeted by nearly 30% after Musk's SNL broadcast. At the time, CNN speculated that the crash was due to Musk's remarks that dashed investors' expectations. Investors hoped Musk would express support for Dogecoin on SNL, but he called Dogecoin a 'hustle.' Some analysts also suggested that the excessive mockery of Dogecoin on the show contributed to the price drop.

On May 10, 2021, before the aftermath of SNL had subsided, Musk announced a collaboration between SpaceX and Dogecoin. He planned a lunar exploration satellite 'Doge-1' to be paid entirely in Dogecoin. Following this announcement, Dogecoin surged by about 20%.

In December 2021, Dogecoin was allowed as a payment method for some Tesla products. This decision led to Dogecoin rising by nearly 15%. At the time, Bitcoin was excluded from Tesla's payment methods due to its high carbon emissions during mining, drawing more attention.

In May 2022, Musk continued his support for Dogecoin by announcing that SpaceX's internet service 'Starlink' would consider allowing subscription fees to be paid in Dogecoin in the future. Following his remarks, Dogecoin, which had been in a bearish trend, rose by about 10%.

Doge Father Becomes a 'Power Player' in the Trump Administration…Focus on Pro-Crypto Moves

Musk, who has consistently shown 'sincerity' towards Dogecoin, has now become a power player in the Trump administration. President Trump renamed the 'U.S. Digital Service', a presidential agency, to the 'U.S. Doge (DOGE) Service' through an executive order on his first day in office and installed DOGE in the Oval Office.

Currently, Musk's DOGE is exerting more influence than expected. Since the launch of Trump's second administration, it has already reviewed key data from several federal agencies and investigated budget expenditures, leading to significant personnel and spending cuts.

According to the New York Times (NYT) on the 1st (local time), DOGE and its associates have gained access to the Treasury Department's payment system, which controls the annual $5 trillion federal budget expenditure. The U.S. Treasury payment system handles information for millions of Americans receiving pensions, tax refunds, and salaries from the federal government, and gaining access to it is considered a significant power.

Some have raised concerns about Musk overstepping his authority, but President Trump defended Musk at a White House press conference, saying, "I think Elon is doing a good job," and assured that Musk would not unilaterally halt government budgets without White House approval.

There is keen interest in what steps Musk, who has gained wings through Trump, will take in the U.S. government. Recently, Bloomberg reported, citing sources, that DOGE is currently exploring ways to utilize blockchain to improve U.S. government efficiency. It is known that they have met with representatives of several public blockchains to evaluate their technologies.

Of course, it is not yet known which blockchain will be used, and the possibility of the plan being scrapped cannot be ruled out. However, Bloomberg raised expectations by stating that if DOGE pursues the plan, "it could be the largest government project ever seen in the U.S."

The impact on the virtual asset market is also noteworthy. Kim Dong-hyuk, a researcher at Dispread, said, "If Musk's DOGE introduces public blockchain into government operations, the related blockchain and virtual assets are expected to benefit greatly," but added, "However, the actual possibility of adoption may be low, and there is a higher likelihood that a consortium blockchain will be applied."