Dogecoin experienced a notable 13% price jump within just 15 minutes on January 21 following the launch of the US Department of Government Efficiency's official website, which featured the cryptocurrency's logo.
What Is the Department of Government Efficiency (DOGE)?
The Department of Government Efficiency, also known as DOGE, was established by former President Donald Trump. Its mission is to streamline government spending and improve regulatory frameworks. The use of Dogecoin's logo on the site's launch has increased visibility and interest in the cryptocurrency.
Crypto Community Reacts to DOGE’s Government Connection
The launch of the DOGE-branded website sparked excitement across the crypto community. Social media buzzed, with a user tweeting, 'The U.S. government is now officially shilling meme coins!' Additionally, another token named Department of Government Efficiency (DOGEGOV) surged 35% within 24 hours.
Bullish Signs for Dogecoin’s Price
Technically, Dogecoin is signaling potential for continued upward momentum. A 'bull flag' pattern has emerged, often viewed as a precursor to significant price gains. Should DOGE break its current resistance level of $0.37, it could rise to $1.61, a 340% increase from current levels.
The combination of increased visibility, social media excitement, and bullish technical indicators suggests that Dogecoin could see more gains. Its connection to the Department of Government Efficiency adds intrigue to its story as it transitions from a meme coin to a potential symbol of reform.
