Dogecoin Falls as Vivek Ramaswamy Exits D.O.G.E Amid Controversy
The post Dogecoin Falls as Vivek Ramaswamy Exits D.O.G.E Amid Controversy appeared on BitcoinEthereumNews.com.
Entrepreneur and political commentator Vivek Ramaswamy, who was appointed by President Donald Trump to lead the Department of Government Efficiency (DOGE), is no longer part of the initiative. The cryptocurrency market reacted negatively after Trump omitted any mention of digital assets during his inauguration speech. Dogecoin (DOGE) plummeted nearly 20% following this development, according to CoinGecko. The memecoin, which shares its name with the department, fell from over $0.40 on Monday morning to below $0.35 by evening. Memecoin Moves Ramaswamy’s departure was first reported by Politico, which also pointed to Elon Musk’s role in orchestrating the exit. The billionaire entrepreneur and close ally of Trump, reportedly pushed for Ramaswamy’s removal following backlash to a controversial holiday post on X (formerly Twitter). In that post, he criticized American culture in relation to H-1B visas, claiming that U.S. companies hire foreign workers due to a mindset that “venerated mediocrity over excellence.” Ramaswamy confirmed Monday that he is stepping down from DOGE to focus on his upcoming Ohio gubernatorial campaign, set to launch next week. He voiced confidence in Musk’s leadership and pledged continued support for Trump. “”Relationship with Elon is good and Vivek will be cheering on DOGE,” source told political reporter Taylor Popielarzm. DOGE spokesperson Anna Kelly shared in a statement that Ramaswamy’s role was instrumental in getting DOGE off the ground. He is now stepping down to pursue a political career. “We thank him immensely for his contributions over the last 2 months and expect him to play a vital role in making America great again,” Kelly said. Trump Drama DOGE was first proposed by Musk during his first campaign swing for Trump last October. Musk’s goal is to address inefficiencies in federal spending, which exceeds $6.5 trillion annually. Following his presidential victory, Trump announced Musk and Ramaswamy will lead…
Filed under: News - @ January 21, 2025 9:22 pm