The Ministry of Government Efficiency launched a website with few details, but a large Dogecoin logo sparked speculation on social media.
The Elon Musk-led Department of Government Effectiveness introduced the Shiba Inu mascot of the popular Ethereum-based coin Dogecoin (DOGE) on his new government website. Billionaire entrepreneur and owner of X, Elon Musk, is leading the unofficial initiative, focused on reducing government spending.
With only 18 words on the platform and a Dogecoin poster, likely inspired by Musk’s well-known affection for the meme coin, crypto users have been speculating about the meaning of this unexpected addition.
Following this news, DOGE gained over 4% in the last 24 hours. However, the coin’s rally was likely part of a broader market rally, as almost all cryptocurrencies in the top 10 by market cap (excluding stablecoins) turned green in the past hour .
Meanwhile, the Department of Government Effectiveness got off to a rocky start. Vivek Ramaswamy, co-leader of the organization and Bitcoin (BTC), announced his departure from the department just a day after Trump’s inauguration.
Sources suggest the former presidential candidate may be focusing on running for governor of Ohio. If true, Ohio could soon be led by a pro-Bitcoin official. Last year, the state introduced legislation to establish a strategic Bitcoin reserve, joining more than a dozen other states in the race to beat out President Trump on Bitcoin-related policies.