Dogecoin Surges 11% as Musk’s New Government Agency Features Crypto’s Mascot

Dogecoin Price Jumps 11% After Musk's DOGE Government Website Launch

  • Dogecoin price increased 11% following the launch of Musk’s government efficiency website.
  • The Department of Government Efficiency (DOGE) website features the Dogecoin mascot.
  • This initiative represents Musk’s latest involvement with the cryptocurrency.
  • The agency aims to reduce government spending and simplify regulations.
  • The website launch occurred on January 21, 2024.

Dogecoin Surges on Government Connection

The meme-inspired cryptocurrency Dogecoin (DOGE) experienced an 11% price increase after Elon Musk‘s newly established Department of Government Efficiency launched its official website featuring the cryptocurrency’s iconic Shiba Inu mascot.

- Advertisement -

Government Initiative Meets Cryptocurrency

The Department of Government Efficiency, sharing the same acronym DOGE with the cryptocurrency, represents a federal initiative led by Musk to streamline government operations and reduce expenditure.

The website, launched at doge.gov, prominently displays the familiar Dogecoin dog logo, creating an unexpected connection between federal administration and cryptocurrency culture.

The official website of the Department of Government Efficiency, doge.gov
The official website of the Department of Government Efficiency, doge.gov

Musk-Dogecoin Relations

This is not the first time Musk’s actions have influenced Dogecoin’s market performance.

Since 2021, his social media posts and public statements about the cryptocurrency have frequently corresponded with significant price movements.

Dogecoin, created in 2013 as a satirical response to Bitcoin, has maintained its position among the top 10 cryptocurrencies by market capitalization despite its humorous origins.

The cryptocurrency’s price movements highlight the continuing impact of public figures and institutional adoption on digital asset valuations.

- Advertisement -

Market analysts note that while such endorsements can create short-term price volatility, long-term value depends on broader adoption and utility.

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Consider a small donation to support our journalism

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

9 DePIN Programs For Passive Income

Here’s something most people don’t realize: your smartphone and PC can generate passive income with almost no effort.I’m not talking about clicking ads for...