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Dogecoin has rallied after Elon Musk’s Department of Government Efficiency launched its website with the dog-themed cryptocurrency’s logo.
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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.
Department of Government Efficiency website. Source: Doge.gov
Following the release of the official website, Dogecoin (DOGE) rallied 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.
Related: Trump ushering in new ‘era of memecoins,’ analysts call for altseason
This article first appeared at Cointelegraph.com News
