Elon Musk Features Dogecoin’s Mascot on Newly Launched D.O.G.E.

Dogecoin (DOGE), the leading memecoin by market capitalization, recently made headlines as the Department of Government Efficiency (D.O.G.E.), a government agency led by tech billionaire Elon Musk, featured DOGE’s dog-themed mascot on its website.

Source: doge.gov

D.O.G.E. Embraces Dogecoin

As early as September 2024, Donald Trump stated that if he won the presidential election, he would include Elon Musk in a government efficiency commission. A month later, Musk hinted that the agency would be abbreviated as D.O.G.E., a subtle nod to the leading dog-themed meme token. Preparations for the government efficiency agency gained weight a week after Trump’s November victory as Dogecoin investors positioned themselves for potential gains.

Highlighting the primary task of the newly formed agency, President Donald Trump stated:

“To restore competence and effectiveness to our federal government, my administration will establish the brand-new Department of Government Efficiency.”

The executive order establishing D.O.G.E. revealed that the government agency has no enforcement power of its own.

It is worth noting that, although D.O.G.E.’s website portrays Dogecoin’s mascot, it has not directly endorsed the dog-themed memecoin.

Following the latest revelation on the government agency’s website, DOGE’s price jumped from $0.336 to $0.395 before rebounding to a current trading price of $0.37.

Despite being the leading memecoin with a market cap above $55 billion, Dogecoin has become subject to various backlash over the years. Themed around a dog meme about a now-deceased Shiba Inu dog called Kabosu, DOGE rose from being an internet joke into one of the top 10 cryptocurrencies by market cap ranking.

One of the propelling forces behind DOGE’s growth is Musk’s broad embrace of the digital asset, a move that has caught the tech billionaire in the crossfire of a regulatory crackdown.

Musk’s D.O.G.E. Faces Backlash

Not everyone has embraced the newly formed Department of Government Efficiency. A Washington Post report confirmed that the public interest law firm National Security Counselors claimed in a 30-page filing that Elon Musk’s D.O.G.E. falls short of a 1972 law requiring advisory committees to adhere to rules involving hiring, transparency, and other issues.

The non-profit advocacy group Public Citizen also frowned at the newly introduced agency. Still, Musk has yet to comment on the matter.