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Serial tech entrepreneur and owner of the X social media platform (formerly known as Twitter) Elon Musk has published a D.O.G.E. tweet after he earlier published a document about his appointed as the head of the Department of Government Efficiency formed by the new US president.

The new department will be in charge of reducing the enormous US government spending over the past four years. The national US debt has grown by trillions at an incredibly fast pace, reaching $35.81 trillion as of October this year. Over the past four years, the debt has increased by $8.06 trillion.

Musk has several times stated publicly that he prefers to call this organization D.O.G.E. for short, since this abbreviation is similar to the name of the largest meme cryptocurrency Dogecoin (DOGE).

The Dogecoin army reacted enthusiastically, many X users mentioned DOGE, expecting that after this appointment of Musk the iconic meme-inspired cryptocurrency will skyrocket in price.

Dogecoin founder shares take on Musk and D.O.G.E.

One of the two Dogecoin founders and a pen-friend of Elon Musk, Billy Markus, who is an active X blogger and a content maker, took to his X account to share his take on the current high levels of US government spending and D.O.G.E. that is meant to put at end to that.

Markus believes that reducing government spending is likely to be painful. “Our economy is addicted to government money - the recent gdp growth has mostly been from unsustainable government spending,” he wrote in the tweet.

The Dogecoin co-founder said that it is “absolutely necessary” to bring down “the insane amount of spending” that the government is facilitating because otherwise the “whole empire will collapse.”

He reminded the community that in the past fifteen years the national debt has added 15 trillion US dollars. “Because it’s so entangled and the government bloated up so much recently, it’s not going to be flowers and rainbows,” Markus pointed out. He says that now the right person has been appointed to bring down the spending and slow down the debt growth, meaning Elon Musk.

This week, just within a single day – on Monday – Dogecoin soared by more than 52%, hitting $0.43409. By now, DOGE has pulled back by roughly 12.74% and is changing hands at $0.37578.