Musk’s DOGE agency launches official website with Dogecoin logo

From cointime By Abiodun Oladokun

Dogecoin has rallied more than 10% following the latest developments around Elon Musk’s agency for governmental efficiency in the US.

The  Department of Government Efficiency (DOGE ), led by Musk and aimed at cutting government spending and streamlining regulations, launched its official website on Jan. 21.

Following the release of the official website, Dogecoin 

DOGE$0.3889rallied over 11% to $0.38, Cointelegraph Markets Pro data shows.

DOGE/USDT, 1-month chart. Source: Cointelegraph

Dogecoin has gained significant momentum from the developments surrounding Musk’s non-governmental agency. Retail investors view the agency as a potential catalyst for Dogecoin’s price since the agency shares the same logo and acronym as the cryptocurrency.

On Nov. 27, 2024,  Dogecoin flipped Porsche’s  $56.1 billion market cap, driven by endorsements from Musk and speculation around the launch of an exchange-traded product (ETP) for the memecoin.