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Dogecoin (CRYPTO: DOGE) is climbing higher on Tuesday despite a backdrop of pullbacks for the broader crypto market. The token price of the popular meme coin increased by 3% in the last 24 hours as of 11:40 am ET. Bitcointhe price of was down 0.9% and the price of Ethereum was down 1.6%.
In conjunction with President Trump’s inauguration yesterday, the Department of Government Efficiency (DOGE) launched its website. Although the government’s advisory commission is not directly connected to the Dogecoin cryptocurrency, the new website features the Dogecoin logo.
Dogecoin investors are in for a pleasant surprise with the Department of Government Efficiency’s new website. The advisory committee is directed by Tesla CEO Elon Musk, who has long been a supporter of the same corner.
The name Department of Government Efficiency was likely chosen by Musk because its acronym is the same as Dogecoin’s crypto symbol. The tech leader has leaned into the meme culture surrounding the cryptocurrency, and the inclusion of his logo for the new advisory commission under the Trump administration appears to be his latest message of support for the token.
Along with macroeconomic trends and other dynamics shaping the broader cryptocurrency, benchmarks and signs of support have been one of the biggest price catalysts for Dogecoin. The CEO has repeatedly shown that his comments and actions can have a significant impact on the crypto market, and Dogecoin in particular, and this is likely to continue to be the case for the foreseeable future.
Some investors expect Dogecoin to join the new payments system launched by X, the social media platform formerly known as Twitter, which is also owned and operated by Musk. Given the CEO’s repeated indications of support for the cryptocurrency, it is not unreasonable to think that Dogecoin will be integrated into the upcoming X payment network. If this happens, it could end up being a substantial bullish catalyst for the token.
On the other hand, Dogecoin’s price outlook remains highly speculative and investors should approach the token with the understanding that it is a risky bet. If the crypto bull market continues, Dogecoin could continue to rise, but there are no guarantees in this regard.
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