- The Department of Government Efficiency website launches displaying the Dogecoin logo.
- DOGE price reacts upward, reaching $0.40.
The price of Dogecoin rose sharply on Tuesday before giving back some of the gains, after the U.S. government officially launched the Department of Government Efficiency (DOGE) website.
Notably, the Doge.gov site currently displays only the Dogecoin token logo.
BREAKING: Department of Government Efficiency’s official website has a dogecoin on it. (doge dot gov) pic.twitter.com/JnmnSW6hTW
— DogeDesigner (@cb_doge) January 21, 2025
Elon Musk is set to lead the department, and the appearance of the Dogecoin Shiba Inu avatar on the site quickly triggered a notable rally in the DOGE price. According to CoinGecko, Dogecoin climbed to highs near $0.40 after trading around $0.33 earlier in the day.
Trump introduced DOGE
U.S. President Donald Trump officially introduced the Musk-led Department of Government Efficiency in his first speech following his inauguration on January 20.
“To restore competence and effectiveness to our federal government, my administration will establish the brand-new Department of Government Efficiency,” Trump said.
Before this development, Dogecoin and other cryptocurrencies had dipped after Trump’s earlier remarks offered no specific crypto-related commentary. Bitcoin fell to lows near $100,000, while Trump’s meme-coin TRUMP and First Lady Melania Trump’s MELANIA saw sharp declines.
DOGE, the original meme cryptocurrency featuring the iconic Shiba Inu, had also fallen. The recent announcement, however, rallied bullish momentum, curbing the downtrend as buyers pushed DOGE back above $0.37 and reclaimed pre-inauguration price levels.
What’s next for the DOGE price?
If bulls can hold above $0.37, they may target the resistance around $0.41 from last week and attempt to challenge December 2024 highs near $0.46.
Conversely, a failure to sustain gains could see bears test support near $0.30.