TL;DR
- The US government launched the Department of Government Efficiency (DOGE) website, featuring the Dogecoin logo, which boosted the cryptocurrency’s price.
- Dogecoin is trading at $0.3822, with a 4.6% increase in 24 hours, having previously peaked at $0.4.
- Elon Musk leads the initiative, announced by Trump, to improve government efficiency, which has been key in DOGE’s price recovery.
The US government has officially launched the Department of Government Efficiency (DOGE) website, using the Dogecoin logo as its main emblem. The launch prompted an immediate reaction in the crypto market, driving up Dogecoin’s price.
At the time of writing, Dogecoin (DOGE) is trading at about $0.3822 per unit, showing a 4.6% increase in the last 24 hours. It previously hit a peak of $0.4 but then slightly retreated. The market capitalization exceeds $56 billion, and the trading volume has reached $11.2 billion, growing by 24.1% in the past day.
The Pivotal Role of Elon Musk
The website, currently displaying only the Dogecoin logo, is part of an initiative led by Elon Musk. Musk’s leadership in the new department has been a significant factor in the rise of DOGE’s price. During his first speech after the inauguration, President Donald Trump announced the creation of this department aimed at enhancing federal government competence and efficiency.
BREAKING: Department of Government Efficiency's official website has a dogecoin on it. (doge dot gov) pic.twitter.com/JnmnSW6hTW
— DogeDesigner (@cb_doge) January 21, 2025
The crypto market had experienced declines following a previous speech by Trump, which did not include specific mentions of the sector. In this context, Dogecoin also saw a decrease in its value. However, the recent announcement has allowed the cryptocurrency to recover and surpass previous levels.
Future Outlook for DOGE
The creation of the Department of Government Efficiency, directly linked to the symbolic use of Dogecoin, represents an unusual move by the US government. It suggests a potential increased adoption of cryptocurrency-related concepts in official spheres.
Regarding future prospects, if Dogecoin manages to hold its value above $0.37, it could face resistance at $0.41, with the possibility of reaching highs recorded at the end of 2024. Conversely, a decline could lead bears to target $0.30.
