Dogecoin Surges After Appearance of Logo on DOGE Government Site

The U.S. Department of Government Efficiency (DOGE), formed under the Trump administration, published the Dogecoin meme-cryptocurrency logo on its official website.

Currently, the one-page site only displays the agency’s name, a dollar sign, and the slogan:

Following the logo’s publication, the price of the digital asset soared to around $0.40, before dipping slightly to around $0.38.

Over the past 24 hours, Dogecoin rose by 2.3% (CoinGecko), outperforming the broader market; Bitcoin fell by 2.5%, and the total market cap of digital assets decreased by 3.3%.

According to the executive order creating the DOGE agency, its primary task is to:

The agency is not an official government department and has a limited lifespan. All planned “entrepreneurial approach” reforms are expected to be completed by July 2026.

Trump’s Appointees U.S. President Donald Trump, after winning the November 2024 elections, chose billionaire Elon Musk and ex-campaign rival Vivek Ramaswamy to co-lead DOGE.

“Together, these two amazing Americans will pave the way for my administration to eliminate government bureaucracy, reduce overregulation, cut wasteful spending, and restructure federal agencies,” Trump said at the time.

On January 21, Ramaswamy confirmed he stepped away from DOGE, stating he would concentrate on running for governor in Ohio’s upcoming election.

The Executive Order establishing DOGEhttps://t.co/OoZwcOBPXa

— Department of Government Efficiency (@DOGE) January 21, 2025

“It was an honor to assist in creating DOGE. I’m confident Elon and his team will succeed in streamlining government,” he tweeted.

With Musk now as the agency’s sole leader, he is known for being a major promoter of Dogecoin. His tweets and announcements have repeatedly triggered price spikes.

Context

• In August 2024, a U.S. court dismissed a $258 billion lawsuit against entrepreneur Elon Musk and electric vehicle manufacturer Tesla over their promotion of Dogecoin.