DOGE Developments Propel Dogecoin Price with 4.5% Surge Amid Musk and Caitlin Long’s Efficiency Push

Caitlin Long, the CEO of Custodia Bank, has made several key recommendations to the newly proposed Department of Government Efficiency (DOGE), as Elon Musk ambitiously targets reducing the U.S. federal budget by a significant margin. Musk, along with former President Donald Trump and numerous other influential speakers, addressed a gathering at Madison Square Garden in New York City, emphasizing the need for drastic fiscal reforms.

During the rally, Musk highlighted a potential $2 trillion reduction from the current federal budget, which he claims is mismanaged by the Biden-Harris administration. He expressed, “Your money is being squandered. It’s time to liberate you from government overreach.” In a notable moment, Trump suggested that Musk could take a leading role in spearheading the efforts of the DOGE, a nod to Musk’s well-known affinity for the cryptocurrency Dogecoin.

Caitlin Long took to social media on October 28 to address these developments. She emphasized the urgency for the DOGE, particularly its founding figures like Howard Lutnick and Musk, to prioritize the scrutiny of federal employees and the regulatory constraints that she argues are hindering businesses such as her own, Custodia Bank. “The regulatory abuse has been staggering,” Long stated, urging the DOGE to act swiftly to avoid potential Democratic opposition in the 2026 Senate elections.

Long also cautioned that while slashing federal spending may seem beneficial, it could inadvertently lead to economic challenges, given that government expenditure accounts for approximately 24% of the U.S. GDP. She criticized the government’s reliance on GDP as a measure of economic health, advocating instead for a focus on “gross output,” which includes business-to-business (B2B) activities, as a more comprehensive economic indicator.

Long articulated her vision for the DOGE by suggesting two strategic shifts: redirecting attention from GDP, which she argues overlooks critical supply chain spending, and adopting gross output as a new metric for evaluating economic performance. She asserted, “The true growth lies in the private sector’s expansion, which will flourish as government spending cuts redeploy capital and jobs.”

In the wake of these political and economic discussions, the price of Dogecoin (DOGE) has seen a notable increase of over 4.5% in the last day, with trading volumes soaring by 95%. This surge reflects heightened interest from traders amidst Musk’s comments and the potential policy changes. Currently, Dogecoin is trading around $0.145, with fluctuations between $0.137 and $0.147 in the past 24 hours. The cryptocurrency has experienced a 42% price hike over the month, fueled by Musk’s engagements and the anticipation of policy shifts that could arise from a Trump electoral victory.

The crypto community remains optimistic, with some speculating about Dogecoin’s potential to reach the $1 mark should Trump secure another term. This speculation underscores the intertwined nature of political developments and market dynamics within the cryptocurrency landscape.

These discussions at Madison Square Garden and the subsequent market reactions underscore the complex interplay between fiscal policy, regulatory environments, and economic indicators. As the conversation continues to unfold, stakeholders across sectors are closely monitoring how these proposed changes may impact both government operations and market conditions.