The Department of Government Efficiency (DOGE), a new U.S. government advisory initiative led by Elon Musk, has officially launched its website. In an interesting twist, the department chose to use the popular Dogecoin cryptocurrency logo as its avatar.
The announcement had an immediate impact on Dogecoin’s price, which surged 16% following the news, reaching $0.40. Crypto analyst Ali Martinez, who has been consistently commenting on DOGE developments over recent months, shared his thoughts on X, stating “we aren’t bullish enough.”
The cryptocurrency’s price movement has caught the attention of market observers. With current market conditions and sustained buying pressure, DOGE could potentially approach its previous all-time high of approximately $0.73, which was achieved in 2021.
We aren’t bullish enough! pic.twitter.com/rke3O9CzaW
— Ali (@ali_charts) January 21, 2025
The DOGE program, while sharing its name with the cryptocurrency, is an advisory group focused on improving government efficiency and reducing federal spending. The initiative, supported by President Donald Trump, aims to streamline government operations and propose recommendations for budget cuts and regulatory reforms. These recommendations can be implemented through executive orders, with the program targeting potential cost savings across federal agencies.
While the program shares the Dogecoin name and imagery, it functions independently as an advisory body rather than a formal government department, focusing on identifying opportunities for cost reduction and regulatory improvement within federal agencies.
Read also: Everyone Talks About TRUMP, But Meme Coin Whales Massively Buy DOGE!
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
