Skeleton Test 7

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)' under 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' is reminiscent of the popular meme coin 'DogeCoin (DOGE)', which Musk has long supported. In fact, DogeCoin recently rose by over 16% after its 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. Referred to as the 'Doge Father', Musk has become a prominent pro-cryptocurrency figure in the Trump administration, highlighting his enduring 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) 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 soared to an all-time high following news of Musk's SNL appearance. Prior to his 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 broadcast aired on the 8th.

However, contrary to expectations, DogeCoin plummeted by nearly 30% after Musk's SNL broadcast. CNN speculated that the crash was due to Musk's remarks that dashed investors' expectations. Investors had hoped for supportive comments about DogeCoin on SNL, but Musk called DogeCoin 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 revealed plans for a lunar satellite mission 'Doge-1', to be paid entirely in DogeCoin. Following this announcement, DogeCoin surged by about 20%.

In December 2021, DogeCoin was accepted as a payment method for some Tesla products. This decision led to a nearly 15% increase in DogeCoin. At the time, Bitcoin was excluded from Tesla's payment options due to its high carbon emissions during mining, drawing more attention to DogeCoin.

Additionally, in May 2022, Musk stated that SpaceX's internet service 'Starlink' might someday accept DogeCoin for subscription fees, continuing his support for DogeCoin. His remarks led to a roughly 10% increase in DogeCoin, which had been in a bearish trend.

Doge Father becomes a 'power player' in the Trump administration... Focus on pro-cryptocurrency actions

Musk, who has consistently shown genuine interest in DogeCoin, has now become a power player in the Trump administration. On his first day in office, President Trump issued an executive order renaming the 'U.S. Digital Service' to the 'U.S. Doge (DOGE) Service' and installed DOGE in the Oval Office.

Currently, Musk's DOGE is exerting a broader influence than expected. Since the inauguration of Trump's second administration, it has already reviewed key materials 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'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 authority.

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

Attention is focused on what actions Musk, empowered by Trump, will take in the U.S. government. Recently, Bloomberg reported, citing sources, that DOGE is currently exploring ways to utilize blockchain to enhance 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 clear 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 become one of the largest government projects 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 related blockchain and cryptocurrencies are expected to benefit greatly," but added, "The actual possibility of adoption may be low, and there is a higher likelihood of a consortium blockchain being applied instead."