A day after the Department of Government Efficiency (colloquially referred to as D.O.G.E.) was established by Donald Trump, a website for the Elon Musk-led Department has appeared, prominently featuring the Dogecoin logo. As a result, Dogecoin has jumped 14% to a market cap of $58 billion.
The site, Doge.gov, was registered in Los Angeles, California on Tuesday by an employee of the U.S. Cybersecurity and Infrastructure Security Agency. Decrypt also called the registrar phone number that confirmed that this is an official government website. Elon Musk and the official D.O.G.E. X, formerly known as Twitter, accounts are yet to post the Dogecoin branded website.
The Department’s acronym is the same as Dogecoin’s ticker of DOGE, a meme coin that Musk has vocally supported for years. Musk’s bullish promotion of Dogecoin has previously led to the Tesla CEO being investigated by the SEC and a 2023 market manipulation lawsuit.
Doge.gov is a stripped back site and likely still under development. It has a black background and a couple of lines of text. The largest feature on the page is the Dogecoin logo. It is worth noting, that it is clearly the Dogecoin logo and not just the original Shiba-Inu photo as it is inside a gold coin in slight cartoonish styling—almost identical to the Dogecoin logo, just excluding the white D. Plus, when checking the source code of the page, there is Doge ASCII art on the first line.
As such, Dogecoin (DOGE) has spiked 14.4% in just 30 minutes to a price of $0.396. It has since retraced to $0.3782.
Minutes after Trump was inaugurated on Monday, D.O.G.E. was served a lawsuit which alleged the firm was illegally operating as a federal advisory committee. By doing this, it circumvents the Federal Advisory Committee Act’s rules on hiring, disclosures, and other matters, the lawsuit stated.
The Federal Advisory Committee Act is a federal law that oversees government advisory committees to ensure that its members have a well-rounded view on topics with clear practices and transparent public records. D.O.G.E. does not meet requirements set out by this law despite operating as an advisory committee, the lawsuit alleges.
It was also revealed on Monday that Musk was set to become the sole leader of D.O.G.E.. This comes after Vivek Ramaswamy, a biotech entrepreneur, stepped down in a bid for governor of Ohio.
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Ryan Gladwin
https://decrypt.co/302014/dogecoin-elon-musk-department-of-government-efficiency
2025-01-21 14:09:47
