Dogecoin price increased by 13% in minutes.
Dogecoin (DOGE) jumped 13% in 15 minutes after the official website of the US Department of Government Efficiency (DOGE) announced the disclosure.
DOGE/USD 30 minute chart. Source: Cointelegraph/TradingView
The DOGE Dogecoin logo increases the value of DOGE
The DOGE rate hike follows changes made around the Department of Government Efficiency (DOGE), an agency led by Elon Musk. Aiming to reduce government spending and streamline regulations, DOGE launched its official website on January 21.
The website displays the Dogecoin logo in the center of the page. The “.gov” website, which identifies itself as the official website of the US government, also features the department title, a dollar sign and the slogan “The People Voted for Big Change”.
Source: Cointelegraph
During his inauguration speech, US President Donald Trump said his administration would streamline the State Department to “return efficiency and effectiveness to our federal government.”
After the graduation ceremony, he issued an executive order to establish the department.
The price of DOGE fell as much as 10% the day before the U-turn, rising as much as 20% with an intraday low of $0.33 on January 15th, before peaking at $0.40.
A similarly named token, the Department of Government Efficiency (dogegov.com) (DOGE), has also seen a 35 percent increase in the past 24 hours.
Related: Dogecoin to $1? Traders say the 140% DOGE rally could happen before February
Analysts suggest that this event will increase Dogecoin's visibility and perceived value, as the use of the logo on such a platform, even in jest, will make Dogecoin more legitimate.
The trend continued even stronger on social media, where users contributed to the news by expressing their surprise and amusement.
“@DOGE official website is now live. They are using the $DOGE logo on their website,” said trader Cass Abe of the site's launch.
“The US government is now officially shilling memecoins and you still think the memecoin supercycle won't happen.”
Crypto YouTuber CryptoRover: “The memecoin craze continues. This will be the biggest bull market of our lifetime.
The DOGE bull flag points to new all-time highs
Dogecoin has been the focus of speculative trading since early November 2024, with its price action and technical structure showing significant upward movement from current levels.
The chart below suggests an impending bullish breakout, which could lead to a major move to the upside.
A bullish flag is a bullish continuation setup that occurs after the price consolidates following a higher breakout.
The pattern resolves after the price breaks the upper line of the flag at $0.37 and compares to the previous high. This puts the highest price target for DOGE at $1.61, which represents a 340% price increase for memecoin.
DOGE/USD Weekly Chart. Source: TradingView
The DOGE weekly relative strength index (RSI) is still in the positive range of 62, which indicates that market conditions are still bullish.
“Dogecoin is breaking out of the Trendline, and the RSI is showing corresponding Bullish Momentum,” technical analyst Trader Tardigrade said in response to DOGE's latest price action.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
