Skeleton Test 5

The most notable figure in Donald Trump's second administration is undoubtedly Elon Musk, the CEO of Tesla. Musk is dedicated to improving government operational efficiency and reducing federal budgets as the head of the 'Department of Government Efficiency (DOGE)' in the Trump administration.

Musk's Department of Government Efficiency has garnered significant attention from the cryptocurrency industry since its inception. The department's abbreviation 'DOGE' is reminiscent of the popular meme coin 'Dogecoin (DOGE)', which Musk has long supported. In fact, Dogecoin rose by more than 16% after its logo was recently 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. Referred to as the 'Doge Father' and a prominent pro-cryptocurrency figure in the Trump administration, Musk's enduring connection with Dogecoin is noteworthy.

"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) that "Dogecoin is my favorite cryptocurrency" and "it's really cool." Since then, he has mentioned Dogecoin multiple times on X. According to Decrypt, Dogecoin search volumes surged whenever Musk tweeted about it between 2019 and 2020.

On May 7, 2021 (local time), Dogecoin surged to an all-time high following 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 May 8 broadcast of SNL.

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 comments that dashed investors' expectations. Investors hoped Musk would express support for Dogecoin on SNL, but he called it a 'hustle.' Some analysts suggested that the excessive mockery of Dogecoin on the show contributed to the price drop.

In the aftermath of the SNL fallout, on May 10, 2021, Musk announced a collaboration between SpaceX and Dogecoin. He planned a lunar mission satellite called 'Doge-1' to be paid for entirely with Dogecoin. Following the announcement, Dogecoin surged by about 20%.

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

Additionally, in May 2022, Musk announced that SpaceX's internet service, 'Starlink,' would consider accepting Dogecoin as a subscription payment method in the future, continuing his support for Dogecoin. Following his remarks, Dogecoin, which was in a bearish trend, rose by about 10%.

Doge Father Becomes a Key Figure in the Trump Administration...Focus on Pro-Cryptocurrency Moves

Musk, who has consistently shown genuine interest in Dogecoin, has now become a key figure in the Trump administration. On his first day in office, President Trump issued an executive order renaming the 'U.S. Digital Service,' a presidential agency, to the 'U.S. Doge (DOGE) Service' 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, salaries, etc., from the federal government, and gaining access to it is considered a significant authority.

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

Attention is focused on what moves Musk, who has gained wings through Trump, will make 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 cryptocurrency market is also noteworthy. Kim Dong-hyuk, a researcher at Dispread, stated, "If Musk's DOGE introduces public blockchain into government operations, the relevant blockchain and associated cryptocurrencies are expected to benefit greatly," but added, "However, the actual possibility of adoption may be low, and there is a higher likelihood of a consortium blockchain being applied."