Dogecoin Surges on Musk's DOGE Website Launch
Dogecoin Price Soars After Musk's DOGE Website Launch
Dogecoin (DOGE) experienced a significant price surge, rising approximately 14% from $0.34 to $0.39 shortly after the launch of the Department of Government Efficiency's (DOGE) official website. The website prominently displays the DOGE logo, according to data from CoinGecko.
Key Developments:
- Price surge: DOGE saw a rapid increase of roughly 14% following the website launch.
- Department of Government Efficiency (DOGE): This newly established department, headed by Elon Musk, aims to improve government spending efficiency without requiring new legislation.
- Website Launch: The official DOGE website declares itself as a U.S. government entity, featuring the department’s name, a dollar sign, and the slogan "the people voted for major reform."
The creation of the DOGE was officially confirmed on Monday, January 20, 2025, when President Trump signed an executive order establishing the department. This order effectively renamed the United States Digital Service (USDS) as the United States DOGE Service, tasking it with modernizing federal technology and improving government efficiency. Tesla CEO Elon Musk was appointed as its leader.
Initially proposed during Musk's campaign appearances with Donald Trump in October 2024, the DOGE aims to tackle the $6.5 trillion in annual federal spending. Its mission involves reducing bureaucracy, cutting wasteful spending, and restructuring federal agencies—all without needing Congressional approval.
Musk will lead a comprehensive financial and performance audit of federal operations, collaborating with the White House and Office of Management and Budget on implementing reforms.
Following the initial rally, Dogecoin's price retreated slightly to $0.37, still holding a 2% gain over 24 hours. The meme coin had previously dipped below $0.35 on Monday due to a broader market downturn and President Trump's inauguration speech, which notably omitted any mention of Bitcoin or other cryptocurrencies.
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