Nikolas Sargeant
Elon Musk’s Department of Government Efficiency (DOGE) has launched its official website, causing a surge in Dogecoin’s price. The agency, whose stated aimed is reducing government spending and streamlining regulations, shares both the acronym and logo with Dogecoin, leading to a rally in the cryptocurrency. Following the website launch on January 21, Dogecoin jumped more than 11%, reaching $0.38, with a brief spike above $0.40. Retail investors are viewing the agency's development as a potential catalyst for Dogecoin’s price, despite the cryptocurrency still being over 48% below its all-time high. At the time of this writing, DOGE is trading at $0.36
Dogecoin’s Rally Driven by Musk’s DOGE Agency
Dogecoin’s rally follows growing interest in Musk’s non-governmental agency, with many retail investors speculating that the DOGE branding could further boost the token’s value. While the cryptocurrency remains far from its peak, these developments are fueling optimism for future growth.
