Dogecoin Increased in Price After The Logo Appeared On The DOGE Website

As long as the one-page web resource contains only the agency name, dollar sign, and slogan:

"The people voted for major reforms."

Against this backdrop, the digital asset's value surged to approximately $0.43. After a brief correction, the price settled back to ~$0.36.

Over the past 24 hours, the cryptocurrency has gained 2.3% against the market (CoinGecko). Bitcoin fell by 2.5% during this period, and the total capitalization of digital assets decreased by 3.3%.

According to the executive order establishing the DOGE agency, its primary mission is to "modernize federal technology and software to maximize the efficiency and productivity of government."

The agency is not an official government department and has a limited lifespan. All planned reforms with an "entrepreneurial approach" should be completed by July 2026.

US President Donald Trump, after winning the election in November 2024, appointed billionaire Elon Musk and former electoral rival Vivek Ramaswamy as co-directors of DOGE.

On January 21, Ramaswamy announced his withdrawal from further participation in DOGE. The businessman intends to focus on the Ohio gubernatorial election in the upcoming year.

"It was my honor to help support the creation of DOGE. I'm confident that Elon and team will succeed in streamlining government," he stated.

Musk, who remains the sole leader, is known as a prominent advocate of Dogecoin. His tweets and actions have repeatedly caused the price of the cryptocurrency to fluctuate significantly.

In August 2024, a court in the United States dismissed a lawsuit for $258 billion against the entrepreneur and electric car manufacturer Tesla for promoting Dogecoin.