Dogecoin Price Increases After Logo Appears on US Government Website
Date: 2025-01-22 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The event occurred shortly after Donald Trump’s inauguration speech on January 20, in which he announced the creation of the new department.
The price of DOGE rose sharply from $0.345 to $0.395, but then rolled back to $0.378, showing a daily increase of 2.5%.
The name of the new department, Department of Government Efficiency, forms the abbreviation DOGE, which attracted the attention of the cryptocurrency community. Earlier, back in November, Donald Trump announced that the leadership of the department would be entrusted to Elon Musk and Vivek Ramaswamy, his former rival in the primaries. However, it became known that Ramaswamy refused this role, as he decided to participate in the Ohio gubernatorial election.
The department's primary mission is to provide independent recommendations on how to reduce government spending. According to Trump, DOGE will work closely with the White House budget departments.
Despite its ambitious plans, the new department has already faced legal challenges. The National Security Counselors organization filed a lawsuit claiming that DOGE violates the Federal Advisory Committees Act of 1972, which requires transparency in the work of such bodies.
Interest in Dogecoin has spurred the growth of other dog-themed memecoins, including Shiba Inu (SHIB), BONK, dogiwifhat (WIF), and FLOKI. However, their rise in value turned out to be temporary. Prices quickly returned to their previous levels, which has often happened in the past when Elon Musk has mentioned Dogecoin, causing short-term fluctuations.
Before the presidential election, the DOGE rate was around $0.17. Since then, it has grown by 117%, while Shiba Inu and FLOKI have shown more modest growth of about 17%.
