Dogecoin (DOGE) experienced a notable surge of 13% within a short span of 15 minutes on Tuesday after the launch of the official website for the US Government Efficiency Department. This increase marked a pivotal shift, breaking a recent downward trend for the cryptocurrency.
The website unveiling was coupled with an announcement regarding a new department, which is focused on curbing government expenditures and streamlining regulations. The site prominently incorporates the Dogecoin emblem alongside the department’s name and a dollar sign, prominently featuring the catchphrase “The people voted for major reform.”
This governmental department professes to be the official channel for efficiency in the US government, a notion echoed by mentions during a prominent figure’s inauguration. This individual had previously indicated the aim to establish such a department to enhance government operations and went on to sign an executive order to formalize it.
In technical analysis terms, the price charts for DOGEUSD indicated a bullish breakout above a line of downtrend, signifying potential for further price recovery. Currently, the price is stabilizing at a support level formed by this trendline, suggesting that if bullish momentum continues, the price could rise further.
Prior to the launch of the website, Dogecoin had seen its value drop by 10%. However, post-launch, it rapidly recovered, climbing to a peak of $0.40 from an intra-day low of $0.33 on January 15—a significant recovery representing a 20% increase.
In additional news, another related token from a government agency’s website observed an impressive rise of 35% in value over the past 24 hours, indicating the overall market movement in favor of Dogecoin-related initiatives.
Market analysts speculate that the increased prominence of Dogecoin—especially due to its association with government initiatives—could bolster its market value. The extensive coverage and discussion across social media platforms have also likely amplified public awareness, contributing to the cryptocurrency’s recent gains.