The United States Department of Government Efficiency (DOGE) has published the logo of the meme cryptocurrency Dogecoin on its official website.
Currently, the single-page web resource contains only the agency’s name, a dollar sign, and the slogan:
“The people voted for sweeping reforms.”
Following this, the digital asset’s price surged to around $0.4. After a slight correction, the rate retreated to approximately $0.38.
Over the past day, the cryptocurrency rose by 2.3% against the market (CoinGecko). Bitcoin fell by 2.5% during this period, and the total market capitalization of digital assets decreased by 3.3%.
According to the executive order establishing the DOGE agency, its primary task will be “modernizing federal technology and software to maximize government efficiency and productivity.”
The Executive Order establishing DOGEhttps://t.co/OoZwcOBPXa
— Department of Government Efficiency (@DOGE) January 21, 2025
The agency is not part of official government departments and has a limited lifespan. All planned reforms with an “entrepreneurial approach” must be completed by July 2026.
After winning the election in November 2024, U.S. President Donald Trump appointed billionaire Elon Musk and former electoral rival Vivek Ramaswamy as co-leaders of DOGE.
“Together, these two remarkable Americans will pave the way for my administration to eliminate government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies,” the politician stated at the time.
On January 21, Ramaswamy confirmed that he had stepped down from further involvement in DOGE. The entrepreneur intends to focus on the Ohio gubernatorial race next year.
It was my honor to help support the creation of DOGE. I’m confident that Elon & team will succeed in streamlining government. I’ll have more to say very soon about my future plans in Ohio. Most importantly, we’re all-in to help President Trump make America great again! ?? https://t.co/f1YFZm8X13
— Vivek Ramaswamy (@VivekGRamaswamy) January 20, 2025
“It was my honor to support the creation of DOGE. I am confident that Elon and his team will succeed in optimizing the government,” he wrote.
Now the sole leader, Musk is known as one of the main promoters of Dogecoin. His tweets and actions have repeatedly led to spikes in the cryptocurrency’s price.
Back in August 2024, a U.S. court dismissed a $258 billion lawsuit against the entrepreneur and electric vehicle manufacturer Tesla for promoting Dogecoin.