- Dogecoin surged over 13% after the launch of the US Government Efficiency Department’s (DOGE) official website, featuring the Dogecoin logo.
- DOGE reversed a 10% drop earlier in the day, climbing 20% from an intraday low of $0.33 to $0.40,
- An unofficial spin-off, also called DOGE, rallied 35%, reaching a market cap of $150M.
Dogecoin (DOGE) is finally making headlines again, and all thanks to Elon Musk, unsurprisingly.
Often called the “OG memecoin” by enthusiasts, DOGE has surged over 13% in a single day following the launch of the official website for the US Government Efficiency Department (DOGE). This helped it break its short-term downtrend and a long period of stagnation.
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The DOGE is Here
The website, unveiled on January 21, prominently features the Dogecoin logo at its center, along with a dollar sign and the slogan, “The people voted for major reform”. Officially categorised as a “.gov” site, it reflects the department’s goal of reducing government spending and simplifying regulations, an initiative led by Elon Musk.
The department was formally established through an executive order issued by President Donald Trump after his inauguration speech, where he emphasised restoring efficiency and competence in federal governance.
By the way, Vivek Ramaswamy is not part of the DOGE unit anymore. While he didn’t go into details, Ramaswamy talked about his exit on X (formerly Twitter) and expressed confidence in Musk’s “leadership and commitment” to support Trump’s vision. He plans to run for governor of Ohio, it seems.
Back to DOGE, the coin’s price had dropped by 10% earlier in the day, but reversed course to rise 20% from an intraday low of US$0.33 (AU$0.53) on January 15, peaking at US$0.40 (AU$0.64).
An unofficial spin-off, named Department of Government Efficiency (DOGE), also experienced a rally, gaining 35% in the past 24 hours.
Yes… you can’t make these things up. It even has a market cap of roughly US$150M (AU$239M).
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