Dogecoin prices increased by 17% within an hour due to a sudden link to the U.S. government. The Dogecoin logo can be seen on the Department of Government Efficiency (DOGE)’s recent official website, which has created a wave of excitement within the Dogecoin community and those investing in its currency.
The launch of the website coincided with an increase in the price of dogecoin which jumped from $0.34 to $0.40 and stabilized at about $0.38. Such a price increase raised Dogecoin’s market capitalization to around $56.5 billion.
Although the new website features the Dogecoin logo, it feels less like the logo representing the department itself than a tongue-in-cheek reference to the asset’s meme-inspired key-up dog abbreviation “DOGE.” Curiously, the website’s logo, the small icon that appears next to the page’s title in a browser tab, is a gold dollar sign unconnected to Dogecoin.
Elon Musk, the Tesla big cheese and noted Dogecoin fan, has now been appointed as the head of the Department of Government Efficiency. Musk’s effect in the past has resulted in significant changes to Dogecoin’s price, and the most recent turn of events appears to have had a similar impact.
But despite the latest increase, Dogecoin’s price remains over 48% down on its all-time high of $0.73 reached in May 2021.
Also Read: “We will take DOGE to Mars,” Says Elon Musk at Trump’s Swear-in
