Trump approves Elon Musk's "DOGE plan"

New US President Donald Trump announced that he will let billionaire Elon Musk lead the Department of Government Efficiency (DOGE).

According to the announcement posted on the morning of November 13 (Vietnam time), new US President Donald Trump said that he will establish a "Department of Government Efficiency" (DOGE) as proposed by billionaire Elon Musk, and appoint him to lead this department in the new administration.

Mr. Trump said that the Department of Government Efficiency will be responsible for reducing bureaucracy in the government, abolishing unnecessary regulations, cutting spending and restructuring the apparatus of federal agencies.

The Department of Government Efficiency will provide advice and counsel so that the White House and the Office of Management and Budget can make major changes in a similar approach to business management.

The new US President affirmed that DOGE will have a big impact on the US similar to the way the "Manhattan Project" to build the atomic bomb in the 1940s brought about, helping to cut part of the US government's public spending of up to 6.5 trillion USD per year.

Along with Elon Musk, Mr. Trump also appointed Vivek Ramaswamy, a businessman who also ran for US President earlier this year, to the head of DOGE.

The new President set a deadline for the Department of Government Efficiency to complete the proposed task by early July 2026, the time when the US celebrates its 250th Independence Day.

The DOGE plan in the past has been a catalyst for the strong growth of memecoins of the same name in the cryptocurrency industry.

Dogecoin (DOGE) has increased by nearly 150% since Mr. Trump was elected President of the United States on November 6, bringing this coin to a capitalization of 60 billion USD, ranking 6th in the industry.

Memecoin Department Of Government Efficiency (DOGE) has increased by 100% after the latest announcement from Mr. Trump.