Dogecoin rallied more than 11% following the latest developments around Elon Musk’s agency for US governmental efficiency.
The Department of Government Efficiency (DOGE), led by Musk and aimed at cutting government spending and streamlining regulations, launched its official website on Jan. 21.
Department of Government Efficiency website. Source: Doge.gov
Following the release of the official website, Dogecoin (DOGE) rallied over 11% to $0.38, Cointelegraph Markets Pro data shows.
DOGE/USDT, 1-month chart. Source: Cointelegraph
Dogecoin has gained significant momentum from the developments surrounding Musk’s non-governmental agency. Retail investors view the agency as a potential catalyst for Dogecoin’s price since the agency shares the same logo and acronym with the cryptocurrency.
On Nov. 27, 2024, Dogecoin flipped Porsche’s $56.1 billion market cap, driven by endorsements from Musk and speculation around the launch of an exchange-traded product (ETP) for the memecoin.
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Dogecoin price surpasses $0.4 as Musk’s DOGE may face lawsuit
Shortly after the website’s launch, Dogecoin’s price briefly surpassed $0.40.
Still, Dogecoin remains over 48% lower than its all-time high of $0.73, which was hit nearly four years ago on May 8, 2021, CoinMarketCap data shows.
DOGE/USD, all-time chart. Source: CoinMarketCap
The Musk-led DOGE agency may face an imminent lawsuit as public interest law firm National Security Counselors said it is preparing to sue the new agency, citing an alleged violation of federal transparency laws.
The law firm claims that DOGE has violated the Federal Advisory Committee Act (FACA), which requires advisory committees to executive branches to follow set disclosure and hiring rules.
Similar agencies require a more balanced approach that records the minutes of the meetings and allows public attendance, wrote Kel McClanahan, executive director of National Security Counselors, in the 30-page complaint seen by the Washington Post.
The legal complaint states:
“DOGE is not exempted from FACA’s requirements […] “All meetings of DOGE, including those conducted through an electronic medium, must be open to the public.”
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DOGE’s work is set to conclude on July 4, 2026, with a “smaller government with more efficiency and less bureaucracy.”
A new plan is set to be issued on the 250th anniversary of the Declaration of Independence in the US.
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