The website of newly created U.S. Department of Government Efficiency, headed by technocrat Elon Musk, started to display a dogecoin (DOGE) token logo on Tuesday, despite having no direct relation to the world’s largest memecoin.
“To restore competence and effectiveness to our federal government, my administration will establish the brand-new Department of Government Efficiency,” Trump declared during his speech after the swearing-in.
An executive order of the department’s establishment was issued shortly thereafter. The department holds no official power to enforce its recommendations. Musk has often mentioned dogecoin in posts on X, the social-media platform he bought in 2022.
Dogecoin and parody DOGE tokens showed mixed movements alongside a broader market decline, bucking a historic tendency of the tokens to move higher on such mentions.
DOGE was down as much as 5% in the past 24 hours, before reversing losses, tracking a nearly 5% drop in the broad-based CoinDesk 20 (CD20)…