Dogecoin experienced a significant rally, climbing over 11% following news about Elon Musk’s new governmental efficiency initiative.
The Department of Government Efficiency (DOGE), led by Musk and tasked with reducing government spending and simplifying regulations, unveiled its official website on Jan. 21.
Department of Government Efficiency Website Launch
The official DOGE website went live, triggering excitement among investors.
Data from Cointelegraph Markets Pro showed Dogecoin rising over 11% to reach $0.38 shortly after the announcement.
Dogecoin Momentum Linked to Musk’s Initiative
Dogecoin’s price has gained considerable traction due to Musk’s involvement in the new agency.
Many retail investors believe the agency could act as a driver for Dogecoin’s value, as it shares both the acronym and logo of the popular cryptocurrency.
On Nov. 27, 2024, Dogecoin’s market cap surpassed that of Porsche, which stood at $56.1 billion at the time.
This surge was fueled by Musk’s endorsements and speculation surrounding the potential launch of an exchange-traded product (ETP) for Dogecoin.
Price Hits $0.40 Before Pullback
Shortly after the agency’s website launch, Dogecoin briefly exceeded $0.40, marking another milestone.
Despite this recent growth, Dogecoin is still trading over 48% below its all-time high of $0.73, achieved on May 8, 2021, according to CoinMarketCap data.
Looking Ahead
As the crypto market keeps a close eye on developments tied to Musk and his initiatives, Dogecoin continues to attract attention from both retail and institutional investors.
