The value of Dogecoin increases due to the DOGE Department’s website.
The rise came after the announcement of a fresh division, overseen by an organization linked to Elon Musk. This division aims to cut government expenses and enhance rules, and has unveiled its official website. The website features the Dogecoin emblem, the division’s name, and a dollar symbol in a prominent manner. The phrase “The people elected for significant change” is also clearly shown.
The website asserts that it is the official webpage of the department under the US government. President Donald Trump announced at his inauguration that his administration would establish the department to improve the government’s effectiveness, and he subsequently issued an executive order to make it official.
Dogecoin surges against the US dollar, stabilizes at key support level.
On the H1 chart for DOGEUSD, there has been a notable upward movement breaking through a downward trend line. The price is now consolidating around the trendline support. If a bullish reversal occurs, it could push the price up with considerable strength.
Prior to the release of the website, Dogecoin experienced a 10% decline in value. However, the price swiftly bounced back, surging to $0.40 from a low of $0.33 on January 15, indicating a 20% rise.
Dogecoin’s market value is increased by the use of social media.
In addition, the Department of Government Efficiency (DOGE) token from dogegov.com saw a 35% increase in value over the last day.
Experts indicate that Dogecoin’s heightened exposure, notably in government-related media, could potentially boost its perceived worth. The news also gained traction on social media, with numerous users sharing their thoughts on the matter.
