Dogecoin (DOGE) saw a 13% price increase in just 15 minutes today (Tuesday) after the official website of the US Government Efficiency Department (DOGE) was launched. This surge broke its short-term downtrend.
DOGE Department’s Website Boosts Dogecoin Price
The increase followed news about the new department, led by the Elon Musk-affiliated agency. The department, focused on reducing government spending and improving regulations, revealed its official website. The site prominently displays the Dogecoin logo along with the department's title and a dollar sign. The slogan “The people voted for major reform” is also visible.
???? BREAKING: The US Government Efficiency Department (DOGE), led by Elon Musk, launches its official website using Dogecoin as its avatar. pic.twitter.com/VGUJgG3ZsM
— Cointelegraph (@Cointelegraph) January 21, 2025
The website claims to be the US government’s official page for the department. President Donald Trump had mentioned during his inauguration that his administration would create the department to restore efficiency to the government, and he later signed an executive order to formalize it.
DOGEUSD Breaks Out, Consolidates at Support
The DOGEUSD H1 chart shows a significant bullish breakout above a downtrend line. Currently, the price is consolidating at the support of the trendline. A bullish reversal could drive the price higher with strong momentum.
Before the website’s launch, Dogecoin had fallen by 10%, but the price quickly reversed, reaching a high of $0.40 after hitting an intra-day low of $0.33 on January 15, marking a 20% increase.
Social Media Boosts Dogecoin’s Market Value
Additionally, another token, Department of Government Efficiency (DOGE) from dogegov.com, rose by 35% in the past 24 hours.
Analysts suggest that the increased visibility of Dogecoin, especially through its use in government-related media, might enhance its perceived value. Social media also contributed to the spread of the news, with many users commenting on the development.
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments