Dogecoin Soars 15% After Elon Musk’s D.O.G.E. Department Debuts with Crypto Logo

Dogecoin (DOGE) surged by 15% to a two-day high of $0.3983 after the U.S. Department of Government Efficiency (D.O.G.E.), led by Elon Musk, displayed the memecoin’s logo on its official website.

The move, revealed during Donald Trump’s inauguration, added approximately $8.4 billion to Dogecoin's market capitalization, boosting it to $56.5 billion.

D.O.G.E. Sparks Dogecoin Rally with Official Website

The newly formed D.O.G.E. department, announced as part of Trump’s crypto-friendly campaign, launched its website prominently featuring Dogecoin’s logo.

The slogan "The people voted for major reform" accompanied an ASCII representation of the Dogecoin logo embedded in the site’s HTML code.

Dogecoin’s price surged within minutes, jumping from $0.345 to $0.3983, marking its sharpest rise in weeks. According to data from CoinGecko, this price increase brought Dogecoin’s 24-hour trading volume to over $1.9 billion.

Elon Musk’s Role Fuels Market Optimism

Elon Musk, a vocal supporter of Dogecoin and the head of D.O.G.E., played a critical role in the price rally. Musk’s appointment to the department was seen as a signal of institutional support for cryptocurrencies. His past endorsements of Dogecoin have led to significant price movements, and this latest development added further momentum.

"This is classic Musk," said Alex Thomason, a crypto analyst at Bitwise Investments. "The Dogecoin community thrives on humor, and this playful inclusion of DOGE is exactly what the market needed to shake off recent stagnation."

Community Celebrates, Analysts Weigh In

The Dogecoin community celebrated the development, with #DOGE trending on social media. “It’s incredible to see Dogecoin symbolizing a government department. This is the power of memes meeting governance!” tweeted crypto influencer Bailey Johnson.

Analysts remain optimistic about Dogecoin’s trajectory. "The 15% jump reflects investor confidence and community strength,” said Sarah Hutton, a researcher at CoinMarketCap. “As Musk and Trump push crypto-related policies, DOGE may soon test resistance at $0.45."

Legal Challenges Loom Over D.O.G.E.

Amid the excitement, the Department of Government Efficiency is under scrutiny. A lawsuit filed by National Security Counselors claims the department has violated the Federal Advisory Committee Act of 1972 by failing to meet transparency standards. Critics argue the department’s operations lack public accountability, which could undermine its credibility.

What’s Next for Dogecoin?

Despite legal challenges, the D.O.G.E. department’s debut marks a new chapter for Dogecoin. Market observers expect heightened volatility as investors respond to updates on the department’s crypto-related initiatives.

The memecoin’s dramatic rise highlights the impact of institutional endorsements on market behavior. As Dogecoin continues to garner attention, it remains a testament to the intersection of humor, community, and financial innovation.