Dogecoin Down 7% Following Vivek Ramaswamy’s D.O.G.E Exit
2025-01-21
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Vivek Ramaswamy has stepped down as co-leader of the Department of Government Efficiency (D.O.G.E), a controversial initiative spearheaded by Elon Musk and championed by President Donald Trump.
Ramaswamy’s departure comes amid growing indications that he will announce a run for governor of Ohio.
Ramaswamy Steps Down from D.O.G.E Co-Leader Role
Initially appointed to co-lead D.O.G.E alongside Musk, Ramaswamy cited plans in Ohio and a continued intent to support Donald Trump’s agenda.
“It was my honor to help support the creation of DOGE. I’m confident that Elon & team will succeed in streamlining government. I’ll have more to say very soon about my future plans in Ohio,” the post read.
National political reporter Taylor Popielarz confirmed through sources that Ramaswamy’s gubernatorial ambitions necessitated his exit. Citing a Trump-Vance Transition spokesperson, Anna Kelly, Popielarz revealed Ramaswamy’s plans to pursue an elected office role.
“A familiar source confirms to me that Ramaswamy is no longer part of D.O.G.E. because he is announcing his run for governor of Ohio early next week. “It became clear he couldn’t campaign and lead DOGE at the same time,” Popielarz said.
Ramaswamy has not entirely denied the speculation. However, his departure was reportedly not entirely voluntary. According to Politico, Musk had grown dissatisfied with Ramaswamy, with tensions escalating after a controversial X post in December.
In the post, Vivek Ramaswamy criticized American work culture, suggesting tech companies hire foreign workers due to a culture that “venerated mediocrity over excellence.” This, coupled with his growing focus on Ohio politics, led to Musk pushing for his removal.
“Everyone wanted him out. They wanted him out before the tweet — but kicked him to the curb when that came out,” Politico reported, citing a Republican strategist close to Trump.
Meanwhile, Trump made sure to mention D.O.G.E during his inaugural speech on Monday. Similarly, during Trump’s inauguration ceremony, Musk stated how he intends to take D.O.G.E. to Mars, playing with Dogecoin price sentiment from the get-go.
“We are going to take DOGE to Mars,” Musk quipped.
The agency was designed to slash federal spending through budget cuts and mass firings. Key figures in the crypto industry, including Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss, had expressed strong support for the newly established D.O.G.E.
Trump and Musk’s highlight of D.O.G.E sparked a temporary spike in Dogecoin prices. However, it corrected sharply, dropping by over 7%, as the news of Ramaswamy’s departure unfolded.
The initiative has also faced significant pushback. According to the Washington Post, consumer advocate groups Public Citizen and the public interest law firm National Security Counselors filed lawsuits against D.O.G.E. minutes after Trump took office.
The lawsuits allege violations of the Federal Advisory Committee Act. Critics argue the initiative allows private individuals like Musk to make government decisions without sufficient transparency or oversight.