Dogecoin (DOGE) saw its price jump 13% in just 15 minutes on January 21 after the launch of the official report from the US Department of Government Effectiveness. website. The website prominently displays the Dogecoin logo, marking a key moment for the cryptocurrency. It also features the department title, a dollar sign and the slogan “The People Voted for Major Reform.” The move raised Dogecoin’s profile, especially after the cryptocurrency saw a short-term price decline of 10% earlier today. After the launch, DOGE price quickly rose from $0.33 to $0.40, showing a 20% rebound from its previous low.
Created by executive order of President Donald Trump, the Department of Government Efficiency, also known as DOGE, is charged with reducing government spending and improving regulation. The connection between an official government department and cryptocurrency is unconventional but has led to increased visibility of memecoin. Analysts believe this could boost the legitimacy of the token and increase market interest.
Along with DOGE’s price surge, another token of the same name, Department of Government Efficiency (dogegov.com), also saw its value increase by 35% in 24 hours. The rise in value of these tokens reflects growing interest from the crypto community, with many commenting on the surprising connection between Dogecoin and a government initiative. Reactions on social media, such as tweets from crypto enthusiasts, have further fueled enthusiasm, with one trader while writing“The US government is now officially buying memecoins.”
Technically, Dogecoin is showing signs of a bullish breakout. A “bull flag” pattern has emerged, indicating that DOGE may continue its upward momentum. If the price breaks above the resistance level at $0.37, the token could potentially reach new highs, with a target of $1.61, representing a 340% increase from current levels. The Relative Strength Index (RSI) also remains in a positive region, signaling that the market continues to benefit from bullish momentum.
The launch of the official website of the Department of Government Efficiency, coupled with the use of the Dogecoin logo, has attracted the attention of traders and analysts. As the market continues to react to these developments, it remains to be seen how much further the price of DOGE could rise. The combination of increased visibility, a bullish technical setup, and social media buzz surrounding the news suggests that Dogecoin could attract more speculative interest in the coming days.