Elon Musk and Vivek Ramaswamy to Lead Government Reform InitiativeU.S. President-elect Donald Trump has unveiled the Department of Government Efficiency (DOGE), aiming to slash $6.5 trillion in government spending through radical operational reforms. Helmed by Elon Musk and entrepreneur Vivek Ramaswamy, the initiative promises to overhaul bureaucracy with an entrepreneurial ethos. Source: Elon Musk/ XMusk, a vocal critic of regulatory excess, vowed to “shock the system” by dismantling inefficiencies and reshaping governance. His close ties to Trump, strengthened since Musk reinstated Trump’s X account in 2022, underscore the duo’s collaborative ambitions for structural reform.Vivek Ramaswamy’s role further cements DOGE’s crypto-centric vision. A staunch advocate for crypto deregulation, Ramaswamy’s firm, Strive Enterprises, recently launched a Bitcoin-integrated wealth management service. His involvement underscores a broader push to legitimize crypto in governance, bridging the gap between regulatory reform and financial innovation.Following the announcement, Dogecoin’s price soared by 150%, reaching $0.4039 before settling at $0.39 amid trading fluctuations. The surge reflects Dogecoin’s historical sensitivity to Musk’s actions, as seen in prior spikes tied to his social media endorsements. Daily trading volume surged to $47 billion, with public enthusiasm fueled by Trump’s release of $28 DOGE-themed merchandise featuring Musk and the Doge mascot. The Mars-themed designs have captivated both crypto enthusiasts and political supporters, underscoring the token's dual role as a financial and cultural phenomenon. This prompted demand for the answer to the question: Will DOGE reach $1 any time soon?Shirt sale on Trump's official campaign site.Meanwhile, Musk’s cryptic reference to the “Peanut the Squirrel” meme drove a parallel surge in the Solana-based PNUT token. Its value exploded by 585% post-election and jumped another 64% after Musk’s post, reaching an $850 million market cap. Source: Elon Musk/ XThe token’s rise intertwines humor, politics, and market speculation, driven by the viral narrative of Peanut, a heroic squirrel, whose tragic demise became a rallying cry in political circles. Musk’s comment, “Trump will save the squirrels,” added fuel to the meme-driven financial frenzy, highlighting the intersection of public sentiment and market behavior.As DOGE and PNUT tokens surged, meme coin Pepe also experienced a significant rally, spiking over 40% in 24 hours after Robinhood announced its listing. The platform’s decision to relist Solana, Cardano, and XRP alongside Pepe reflects a rebound from prior regulatory challenges. At publication, PEPE’s price stood at $$0.000022, marking a 63% increase over the past week. Coinbase’s subsequent listing further bolstered Pepe’s momentum, with Chief Legal Officer Paul Grewal emphasizing expanded trading access.This article has been refined and enhanced by ChatGPT.