Elon Musk has expressed Friday that he believes the newly formed Department of Government Efficiency (DOGE) would increase the efficiency of US defense expenditure. 

US President-elect Donald Trump had stated that Musk and businessman Vivek Ramaswamy will run the new agency. 

"DOGE will improve the efficiency of defense spending," Musk wrote on X in response to Ramaswamy's article urging the US to focus on the efficacy of defense spending "rather than just reflexively increasing the magnitude." 

Ramaswamy responded to former Trump National Security Advisor John Bolton's demand to shift cash saved as a consequence of DOGE's efforts to the military, arguing that merely increasing defense expenditure is superfluous.

The DOGE shares acronyms with Dogecoin (DOGE), the world's first meme cryptocurrency, which has made news since Donald Trump's victory. The asset, together with its endorsement from important people such as Elon Musk, has enticed DOGE investors with promises of profits. 

Over the last 30 days, Dogecoin has risen by 173%. The meme currency reached a peak of $0.4237.

It's worth noting that Musk previously said that, in addition to Bitcoin and Ethereum, he owns "a bunch of dogecoin."