Dogecoin Sprints North After Its Logo Appears On Elon Musks DOGE Website Is $1 Possible?
The price of Dogecoin jumped higher on Tuesday after the website of the newly created U.S. Department of Government Efficiency, spearheaded by tech billionaire Elon Musk, started to prominently feature a DOGE token logo despite having no direct connection to the worlds oldest and largest meme coin. The logo was published following President Donald Trumps inauguration on Monday.
D.O.G.Es Website Features Dogecoin
The Dogecoin-branded website declares itself an official site of the United States government, displaying the departments name alongside a dollar sign and the slogan the people voted for major reform at publication time.
The newly launched website was registered in Los Angeles, California, on Jan. 21 by a staff member of the U.S. Cybersecurity and Infrastructure Security Agency.
To restore competence and effectiveness to our federal government, my administration will establish the brand-new Department of Government Efficiency, Trump declared during his speech after the swearing-in.
An executive order for the extra-governmental initiative was issued shortly thereafter. The website comes as the head of D.O.G.E, vocal Dogecoin proponent Elon Musk, is now in sole charge of its operations after co-lead Vivek Ramaswamy exited for Ohio governor bid. As previously covered by ZyCrypto, D.O.G.E aims to improve government spending efficiency and streamline departments handling taxpayer funds.
The price of DOGE fell earlier today before reversing its course and surging from $0.33 to $0.39 within minutes after the D.O.G.E website dropped. It has since settled at $0.384 as of press time, a +7% change on the day, according to data from CoinGecko.
Pundits suggest that this event boosts Dogecoins visibility as the use of its logo on a government platform further legitimizes the memecoin king. Others say it indicates the beginning of a meteoric memecoin supercycle.
Suffice it to say that more talk of D.O.G.E in mainstream media and retail trading circles could spark further attention and interest in the Dogecoin token, which could help it hit its psychological level at $1.
Text source: ZyCrypto
