Elon Musk and his team launched the official DOGE website, using Dogecoin as an avatar

The Department of Government Efficiency (DOGE), a new US government consulting initiative led by Elon Musk, has officially launched Its website. In an interesting development, the department chose to use the famous Dogecoin cryptocurrency logo as its avatar.

The announcement had an immediate impact on Dogecoin’s price, which rose 16% following the news, reaching $0.40. Cryptocurrency analyst Ali Martinez, who has been constantly commenting on DOGE developments over recent months, shared his thoughts on X, saying “We are not bullish enough.”

The cryptocurrency price movement has attracted the attention of market watchers. With current market conditions and continued buying pressure, DOGE is likely to approach its previous all-time high of around $0.73, which was achieved in 2021.

We are not bullish enough! pic.twitter.com/rke3O9CzaW

– Ali (@ali_charts) January 21, 2025

The DOGE program, although it shares its name with 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 could be implemented through executive orders, with the program targeting potential cost savings across federal agencies.

While the program shares Dogecoin’s name and image, it operates 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 is talking about Trump, but meme whales are buying Doge in a big way!

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