Dogecoin (DOGE) jumped 13% in 15 minutes following the announcement of the official website launch of the US Government Department (DOGE), breaking its short-term downtrend.
The Department of Government Efficiency, led by Elon Musk, aims to modernize federal technology and software to enhance governmental efficiency and productivity, launched its official website on Jan 21.
The website features the Dogecoin logo at the center of the page. The ".gov" website, which states that it is the US government's official website, also shows the department's title, a dollar sign and the slogan "The people voted for major reform."
During his inauguration speech, US President Donald Trump said his administration will establish the department of Government Efficiency to "restore competence and effectiveness to our federal government."
He then issued an executive order establishing the department after the inauguration ceremony.
On the day of the announcement, the price of Dogecoin dropped as much as 10%, before shooting back right up as much as 20% to reach a swing high at $0.40. A similar token, Department of Government Efficiency (dogegov.com) is also rallying, up 35% over the last 24 hours.
The Dogecoin has been leveraging on the popularity of publicity of the government agency led by Elon Musk to boost its own visibility and validity. The fact that both entities share the same logo also legitimized Dogecoin.
The trend was further amplified by social media, where users expressed their surprise and amusement, contributing to the viral spread of the news.
During the launch of the government website, trader Cas Abbe wrote on his X account
"@DOGE official website is now live. It's using the $DOGE logo on their website."
On Nov 27, Dogecoin managed to successfully flip Porsche's $56.1 billion market cap, driven by the endorsement of Elon Musk and speculation around the launch of an exchange-traded product (ETP) for the memecoin.
Shortly after the website's launch, Dogecoin's price briefly surpassed $0.40. But this is still 48% lower than its all-time high of $0.73 record back in May 8,2021.
The Musk-led DOGE agency is also in trouble as the public interest law firm National Security Counselors is launching multiple lawsuits at the agency. The National Security Counselors are accusing the agency of violating Federal Advisory Committee Act laws, which mandates advisory committees and executive branches to adhere by a set of disclosure and hiring rules.
Citing the FACa, a coalition of educators, public health specialists, veterans, and other groups, dued the department of Government Efficiency on Monday, requesting that the court halt DOGE's operations until it conforms with the law.
The law firm wrote in a 30-page complaint, noting that agencies like DOGE are required by lace to take a more balanced approach that records the minutes of the meetings and allows public attendance. The legal complaint states
"DOGE is not exempted from FACA's requirements. All meetings of DOGE, including those conducted through an electronic medium, must be open to the public."
But DOGE supporters are also fighting back, arguing that because DOGE is not a formal advisory group, hence it does not fall under the FACA.
This also creates a much deeper debate about the role of bitcoin projects in political and legal contexts. The Musk department, according to supporters, remains independent and not subject to government scrutiny or controls.
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