THE Ministry of Government Effectiveness is still DOGE, but the DOGE agency website no longer features the iconic Doge images shared with Dogecoin– and the original meme piece is sinking.
Dogecoin price surged on Tuesday once fans and investors noticed the Elon Musk-led government initiative’s website featured the image of Kabosuthe late Shiba Inu puppy who inspired the internet meme on which Dogecoin is based.
Dogecoin hit $0.385 on Tuesday, recovering some ground after plunging following last Friday’s launch of The official piece of Donald Trump’s Solana memeASSET. Dogecoin was priced at $0.431 before the TRUMP token plunge, then plunged to $0.338 earlier this week.
The coin is now down 6% over the past 24 hours, falling to around $0.359. It is the biggest loser among the top 10 cryptocurrencies, with Bitcoin And Ethereum both down about 1.5% over the past day. Solanameanwhile, jumped 5% during this period.
The Department of Government Effectiveness is an official Trump initiative, led by Elon Musk, famous Dogecoin fanwhich aims to dramatically reduce the size of government by cutting budgets and cutting jobs. Musk was to co-lead the agency with Vivek Ramaswamy, but the billionaire and Bitcoin fan abandoned this week due to apparent plans to run for governor of Ohio.
The association with Musk has fueled Dogecoin’s gains for years and was renewed in recent months as the world’s richest man discussed the coin on the campaign trail while supporting Trump. That then morphed into plans for the Department of Government Effectiveness, which Trump made official just days after winning the November election.
And now Trump has his own coin to challenge Dogecoin. TRUMP is down about 2% on the day at the current price of $38.50.
But while the official doge.gov website presented Dogecoin images on Tuesday, they are no longer visible. This is just the latest example of Elon Musk’s words and actions and his initiatives that have impacted the price of Dogecoin over the years.
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