Dogecoin Soars 14% As DOGE Musk Drops Official Website With His Logo

Key Takeaways

The value of Dogecoin increased by 14% after the launch of a government website with its logo.
The Department of Government Efficiency aims to improve the efficiency of federal spending without legislative changes.

Dogecoin (DOGE) rose about 14%, climbing from $0.34 to $0.39 minutes after the Department of Government Efficiency, led by Elon Musk, dropped its official website with the crypto asset logo , according to CoinGecko data.

The recently launched website bills itself as the official site of the United States government, prominently featuring the department's name next to a dollar sign and the slogan “the people voted for reform big” at press time.

The establishment of the DOGE was officially confirmed on Monday when President Donald Trump signed an agreement executive order creation of the department.

The order renamed the United States Digital Service (USDS) as the United States DOGE Service and outlined a mission to modernize federal technology and increase government efficiency, with CEO Tesla named as director.

The department, first suggested during Musk's campaign swing Donald Trump in Pennsylvania on October 17, 2024, aims to improve the efficiency of government spending and streamline departments handling taxpayer money.

Trump before selected Musk and Vivek Ramaswamy to co-lead the group after his election victory. However, Ramaswamy announced on Monday that he was stepping down to prepare for his gubernatorial campaign in Ohio.

I was honored to support the creation of DOGE. I am confident that Elon & his team will succeed in streamlining the government. I will have more to say soon about my future plans in Ohio. Most importantly, we are all involved to help President Trump make America great again! 🇺🇸 https://t.co/f1YFZm8X13

– Vivek Ramaswamy (@VivekGRamaswamy) January 20, 2025

DOGE's mandate includes identifying and eliminating inefficiencies in federal spending, which exceeds $6.5 trillion annually. The department plans to reduce bureaucracy, cut wasteful spending, and restructure federal agencies without requiring legislative action.

Musk will lead a comprehensive financial and performance review of federal operations, working with the White House and the Office of Management and Budget to implement structural reforms.

After the sudden rally, Dogecoin returned to $0.37, maintaining a 2% gain over 24 hours. The meme token fell below $0.35 on Monday amid a broader market decline following Trump's inaugural speech he did not mention Bitcoin or crypto assets.