Following weeks of relentless promotion, the Department of Government Efficiency (DOGE) is set to become a reality, potentially sending the price of Dogecoin DOGE/USD to unprecedented levels.

What happened: On Tuesday, President-elect Donald Trump appointed Elon Musk, the conceiver of the idea, and entrepreneur-turned-politician Vivek Ramaswamy to oversee the department, which aims to streamline federal bureaucracy and eliminate “excess” laws.

The duo immediately acknowledged the appointment and began divulging details about the incoming department.

Musk announced that all DOGE’s actions could be tracked online for “maximum” transparency.

“Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know,” the tech mogul added.

Ramaswamy stated that DOGE would begin crowdsourcing examples of government waste and fraud, aiming to make the average American a partner in bringing about the desired reforms.

See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration

Effect on DOGE: As counter-intuitive as it may sound, the meme cryptocurrency DOGE tumbled 8.30% in the last 24 hours, dipping below 40 cents.

Investors seem to be profiting from the gains made in the weeklong rally that pushed the coin to as high as 43 cents, which is a gain of nearly 94% in this period.

DOGE’s Relative Strength Index (RSI) was in the overbought zone as of this writing, as tracked by TradingView, indicating the possibility of a correction.

The number of short positions taken for the meme coin rose vis à vis longs, according to Coinglass, lending credence to the above observation.

Having said that, more DOGE was withdrawn from exchanges than deposited in the last 24 hours, according to IntoTheBlock, indicating that the HODLing sentiment was still strong.

Price Action: At the time of writing, DOGE was exchanging hands at $0.3831 down 8.30% in the last 24 hours, according to data from Benzinga Pro. 

Read Next: 

Photo courtesy: Flickr