Dogecoin (DOGE) saw its price increase by 13% in just 15 minutes today (Tuesday), following the launch of the official website of the US Department of Government Efficiency (DOGE). This rise broke its short-term downward trend.
This increase follows the announcement of the new department, headed by the Elon Musk-affiliated agency. The ministry, focused on reducing public spending and improving regulation, revealed its official website. The site prominently displays the Dogecoin logo as well as the department title and a dollar sign. The slogan “The people voted for major reform” is also visible.
🚨 BREAKING: The US Department for Government Efficiency (DOGE), led by Elon Musk, launches its official website using Dogecoin as its avatar. pic.twitter.com/VGUJgG3ZsM
– Cointelegraph (@Cointelegraph) January 21, 2025
The website claims to be the official US government page for the department. President Donald Trump had mentioned during his inauguration that his administration would create the department to restore government efficiency, and he later signed an executive order to make it official.
DOGEUSD breaks out and consolidates at support
THE DOGEUSD The H1 chart shows a significant bullish breakout above a downtrend line. Currently, the price is consolidating at trendline support. A bullish reversal could send the price higher with strong momentum.
DOGEUSD, H1 chart, source: TradingView
Before the website’s launch, Dogecoin had fallen 10%, but the price quickly reversed itself, reaching a high of $0.40 after hitting an intraday low of $0.33 on January 15, i.e. a 20% increase.
Social media increases the market value of Dogecoin
Additionally, another token, Department of Government Efficiency (DOGE) from dogegov.com, is up 35% in the last 24 hours.
Analysts suggest that Dogecoin’s increased visibility, particularly through its use in government media, could improve its perceived value. Social networks also contributed to the dissemination of information, with many users commenting on the evolving situation.
Dogecoin (DOGE) saw its price increase by 13% in just 15 minutes today (Tuesday), following the launch of the official website of the US Department of Government Efficiency (DOGE). This rise broke its short-term downward trend.
This increase follows the announcement of the new department, headed by the Elon Musk-affiliated agency. The ministry, focused on reducing public spending and improving regulation, revealed its official website. The site prominently displays the Dogecoin logo as well as the department title and a dollar sign. The slogan “The people voted for major reform” is also visible.
🚨 BREAKING: The US Department for Government Efficiency (DOGE), led by Elon Musk, launches its official website using Dogecoin as its avatar. pic.twitter.com/VGUJgG3ZsM
– Cointelegraph (@Cointelegraph) January 21, 2025
The website claims to be the official US government page for the department. President Donald Trump had mentioned during his inauguration that his administration would create the department to restore government efficiency, and he later signed an executive order to make it official.
DOGEUSD breaks out and consolidates at support
THE DOGEUSD The H1 chart shows a significant bullish breakout above a downtrend line. Currently, the price is consolidating at trendline support. A bullish reversal could send the price higher with strong momentum.
DOGEUSD, H1 chart, source: TradingView
Before the website’s launch, Dogecoin had fallen 10%, but the price quickly reversed itself, reaching a high of $0.40 after hitting an intraday low of $0.33 on January 15, i.e. a 20% increase.
Social media increases the market value of Dogecoin
Additionally, another token, Department of Government Efficiency (DOGE) from dogegov.com, is up 35% in the last 24 hours.
Analysts suggest that Dogecoin’s increased visibility, particularly through its use in government media, could improve its perceived value. Social networks also contributed to the dissemination of information, with many users commenting on the evolving situation.