Dogecoin jumps up amid feature on U.S. Gov. agency website
The world’s first memecoin Dogecoin (DOGE) jumped higher in price after the United States Department of Government Efficiency (DOGE) launched its website featuring the memecoin.
The United States Department of Government Efficiency’s website went live on Jan. 21 at doge.gov. The website points out that it is “an official website of the United States government,” presumably because it does not look like one.
The website in question mainly consists of the aforementioned line, the name of the department followed by “the people voted for major reform” and a Dogecoin logo on a black background. Dogecoin jumped up at the news, rallying over 11% to $0.40 according to CoinMarketCap data.
Dogecoin seemingly gained significant upward momentum from the very start of Musk’s Department of Government Efficiency initiative. Retail investors see the greatest Dogecoin publicity stunt so far in a United States government agency being named after the memecoin and featuring its logo in official government material.
Musk has been a Dogecoin driver for a long time. In late November the memecoin also rallied amid speculation that he would integrate it into his social media app X, formerly known as Twitter.
The new government agency is also attracting a less favorable kind of attention. Public interest law firm National Security Counselors announced that it is preparing to sue DOGE over an alleged violation of federal transparency laws.
According to the law firm, the new agency violated the Federal Advisory Committee Act by not following hiring and disclosure rules for its advisory committee. Agencies such as DOGE require a strict approach that records the minutes of the meetings and allows public attendance, according to executive director of National Security Counselors Kel McClanahan:
“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.”
The post Dogecoin jumps up amid feature on U.S. Gov. agency website appeared first on ReadWrite.