Key takeaways
- Dogecoin’s value increased by 14% following the launch of a government website featuring its logo.
- The Department of Government Effectiveness aims to improve the efficiency of federal spending without legislative changes.
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Dogecoin (DOGE) jumped about 14% from $0.34 to $0.39 minutes after the Elon Musk-led Department of Government Effectiveness abandoned its official website with the logo of the crypto asset, according to CoinGecko. data.
The newly launched website presents itself as an official United States government site, highlighting the department’s name alongside a dollar sign and the slogan “the people voted for major reform” at the time of publication .
The creation of DOGE was officially confirmed on Monday when President Donald Trump signed a decree creation of the department.
The order renamed the United States Digital Service (USDS) to the United States DOGE Service and outlined its mission to modernize federal technology and improve government efficiency, with Tesla CEO named to lead it .
The department, proposed for the first time during Musk’s election campaign, Donald Trump in Pennsylvania on October 17, 2024, aims to improve the efficiency of government spending and streamline departments that manage taxpayer funds.
Trump before selected Musk and Vivek Ramaswamy will co-lead the agency after his election victory. However, Ramaswamy announced Monday that he was resigning to prepare for his campaign for governor of Ohio.
It was my honor to help support the creation of DOGE. I am confident that Elon and his team will succeed in streamlining government. I will have more to say very soon about my future plans in Ohio. Most importantly, we can all agree to help President Trump make America great again! 🇺🇸 https://t.co/f1YFZm8X13
– Vivek Ramaswamy (@VivekGRamaswamy) January 20, 2025
DOGE’s mandate includes identifying and eliminating inefficiencies in federal spending, which exceed $6.5 trillion annually. The department plans to cut bureaucracy, cut wasteful spending and restructure federal agencies without requiring legislative action.
Musk will lead a comprehensive financial and performance audit of federal operations, working with the White House and the Office of Management and Budget to implement structural reforms.
After the sudden rebound, Dogecoin retreated to $0.37, maintaining a 24-hour gain of 2%. The meme token fell below $0.35 on Monday amid a broader market decline following Trump’s inauguration speech. made no mention of Bitcoin or crypto assets.
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