Dogecoin Soars 13% Following US Government Website Launch Featuring DOGE Logo
Dogecoin (DOGE) surged 13% in just 15 minutes on Jan. 21, breaking out of its short-term downtrend, after the United States Department of Government Efficiency (DOGE) officially launched its website. The surprise use of Dogecoin’s logo on the government’s .gov domain triggered widespread attention, sparking a price rally and increased social media chatter. Dogecoin Price Spike Tied to Government Efficiency Initiative The Department of Government Efficiency (DOGE), an Elon Musk-led initiative aimed at reducing government spending and streamlining regulations, unveiled its official website with the Dogecoin logo prominently displayed. Alongside the logo, the website carries the department’s title, a dollar sign, and the slogan, “The people voted for major reform.” Also read: 81% of TRUMP Meme Coin Investors Are Profitable: Survey This unexpected association between the federal government and a meme coin drove DOGE’s price from an intraday low of $0.33 to a swing high of $0.40. The price movement marked a sharp recovery from earlier losses, with the token rising 20% from its low point. President Trump’s executive order to establish the Department of Government Efficiency was announced during his inauguration speech, adding political significance to the event. Analysts believe the move has bolstered Dogecoin’s visibility and its perceived legitimacy, despite the humorous undertones of the government department’s branding. Viral Social Media Buzz Amplifies Momentum Social media platforms played a crucial role in amplifying the event’s impact. Influencers and traders shared their surprise at the website’s design, which led to a viral spread of the news. “@DOGE official website is now live. It’s using the $DOGE logo on their website,” tweeted trader Cas Abbe, emphasizing the unique nature of the event. Crypto YouTuber CryptoRover added, “The meme coin madness continues. This will be the biggest bull market of our lives.” The broader crypto community reacted with amusement and speculation, with many seeing the development as a sign of memecoins becoming mainstream. Also read: Elon Musk-Led Department of Government Eff DOGE/USD Bullish Technical Indicators Suggest New Highs Dogecoin’s technical chart indicates a bullish setup, with a potential breakout from a bull flag pattern. Bull flags are continuation patterns that predict strong upward moves, and in DOGE’s case, the breakout could propel its price to as high as $1.61—a 340% increase from its current level. The DOGE/USD weekly chart reflects this sentiment, with the Relative Strength Index (RSI) at 62, suggesting ample room for further upward momentum. Also read: Trump Accused of ‘Pump and Dump Scheme’ With the Launch of $TRUMP and $MELANIA Coins Technical analyst Trader Tardigrade highlighted the optimistic outlook, stating, “Dogecoin is breaking out of a trendline, and the RSI shows corresponding bullish momentum.” The coincidental rally of a similarly-named token, Department of Government Efficiency (DOGE), which gained 35% in the last 24 hours, shows the market’s speculative nature. This event, driven by humor and unexpected branding, has once again demonstrated Dogecoin’s unique position in the crypto market as a symbol of both speculation and cultural impact. With technical indicators and social momentum aligning, traders are eyeing the potential for new all-time highs in the coming weeks.