Musk’s DOGE agency launches official website with Dogecoin logo

Dogecoin Surges over 10% Following Elon Musk's Government Efficiency Agency Launch

Dogecoin (DOGE) has rallied significantly after Elon Musk's Department of Government Efficiency (DOGE) launched its official website.

Following the website's launch on January 21, DOGE surged over 11% to $0.38, according to Cointelegraph Markets Pro.

The agency, led by Musk, aims to reduce government spending and streamline regulations. Its inception has boosted Dogecoin's momentum, as many retail investors see it as a potential catalyst for the cryptocurrency's price.

Musk's agency shares the same name and acronym as the cryptocurrency, fueling speculation about a potential connection.

On November 27, 2024, DOGE surpassed Porsche's market capitalization of $56.1 billion after receiving endorsements from Musk and speculation about the launch of an exchange-traded product.