Dogecoin soars 14% as Musk's DOGE drops official website featuring its logo
Key Takeaways
- Dogecoin's value increased 14% following the launch of a government website featuring its logo.
- The Department of Government Efficiency aims to improve federal spending efficiency without legislative changes.
Share this article
Dogecoin (DOGE) surged approximately 14%, climbing from $0.34 to $0.39 minutes after the Department of Government Efficiency, led by Elon Musk, dropped their official website with the crypto asset’s logo, according to CoinGecko data .
The newly launched website declares itself as an official site of the United States government, prominently featuring the department’s name alongside a dollar sign and the slogan “the people voted for major reform” at press time.
The establishment of the DOGE was officially confirmed on Monday when President Donald Trump signed an executive order creating the department.
The order renamed the United States Digital Service (USDS) as the United States DOGE Service and outlined its mission to modernize federal technology and enhance governmental efficiency, with Tesla CEO appointed as its leader.
The department, first proposed during Musk’s campaign swing Donald Trump in Pennsylvania on October 17, 2024, aims to improve government spending efficiency and streamline departments handling taxpayer funds.
Trump previously picked Musk and Vivek Ramaswamy to co-lead the agency after his election victory. However, Ramaswamy announced Monday he was stepping down to prepare for his Ohio gubernatorial campaign.
DOGE’s mandate includes identifying and eliminating inefficiencies in federal spending, which exceeds $6.5 trillion annually. The department plans to reduce bureaucracy, cut wasteful spending, and restructure federal agencies without requiring legislative action.
Musk will spearhead a comprehensive financial and performance audit of federal operations, working alongside the White House and Office of Management and Budget to implement structural reforms.
After the sudden rally, Dogecoin retreated to $0.37, maintaining a 2% gain over 24 hours. The meme token dropped below $0.35 on Monday amid a broader market decline after Trump’s inauguration speech made no mention of Bitcoin or crypto assets.
Share this article
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Institutional Demand Spurs BTC Rally, Bitcoin ETF Inflows Peak at $442M with IBIT Leading the Charge
IBIT Emerges as Key Player in the Bitcoin ETF Space, Could Soon Challenge Wall Street's Largest Counterparts

Cardano Empowers Users with XRP Transactions via Lace Wallet
In Brief Cardano users can now perform XRP transactions through Lace Wallet. The Midnight Network is introducing new airdrop opportunities for XRP holders. Market reactions indicate cautious optimism for Cardano and XRP prices.

XRP’s 16-Day $3 Surge Sparks Hopes of Breaking All-Time Highs

Trump turns on ‘buddy’ Putin over Ukraine, says he’ll slap Russia with sanctions now
Share link:In this post: Trump warned he may hit Russia with new sanctions after fresh missile attacks on civilians. Trump met with Zelenskyy in Rome and called the meeting productive, but gave no full details. Trump offered a peace deal that includes recognizing Crimea as Russian territory, which Zelenskyy rejected.
Trending news
MoreCrypto prices
More








