Department of Government Efficiency website launches with logo of Dogecoin.
DOGE price reacts higher to hit $0.40.
The price of Dogecoin rose sharply on Tuesday before paring some of the gains. This came as the US government officially launched the website for the Department of Government Efficiency (DOGE).
Notably, the Doge.gov site currently only showcases the Dogecoin token logo.
BREAKING: Department of Government Efficiency’s official website has a dogecoin on it. (doge dot gov) pic.twitter.com/JnmnSW6hTW
— DogeDesigner (@cb_doge) January 21, 2025
Elon Musk will lead the department, and the website’s featuring of the Dogecoin meme dog avatar quickly catalysed a significant surge in DOGE price. Per CoinGecko, dogecoin’s price reached highs of $0.40, having traded near $0.33 earlier in the day.
Trump unveiled DOGE
US president Donald Trump officially unveiled the Musk-led DOGE during his first speech following the inauguration on Jan. 20.
“To restore competence and effectiveness to our federal government, my administration will establish the brand-new Department of Government Efficiency,” Trump said.
Dogecoin and other cryptocurrencies had dipped post Trump’s recent speech, with the market reacting lower amid the lack of any crypto related remarks in the speech. Bitcoin fell to lows of $100k, while Trump’s meme coin TRUMP and the one by First Lady Melania Trump MELANIA dumping hard.
DOGE, the original meme coin cryptocurrency that features the iconic shiba inu dog, also crashed. The latest news has however seen bulls curtail the downward action with a spike above $0.37 to reclaim highs seen ahead of the inauguration.
What next for DOGE price?
If bulls manage to hold above $0.37, they could target the resistance at $0.41 seen last week and likely attempt to push past Dec. 2024 highs around $0.46.On the flipside, a decline could see bears eye $0.30.
