Dogecoin's price increased by 17% within an hour after an unexpected mention on a U.S. government website, causing a wave of interest in the crypto community.
Impact on Dogecoin
The launch of a new official website featuring the Dogecoin logo coincided with the cryptocurrency's price surge from $0.34 to $0.40, stabilizing around $0.38 and raising Dogecoin's market capitalization to approximately $56.5 billion.
Community Reaction
Although the new website includes the Dogecoin logo, it appears more of a tongue-in-cheek reference than an official endorsement. Interestingly, the site features a gold dollar sign unconnected to Dogecoin.
Elon Musk's Involvement
Elon Musk, a well-known Dogecoin enthusiast, has been appointed as the head of the department. His influence has previously caused significant changes in Dogecoin's price. Despite the recent increase, the currency's price remains 48% below its all-time high of $0.73, reached in May 2021.
Although Dogecoin's price recently rose, it remains significantly below its 2021 peak levels. The impact of the website is still under evaluation by experts.
