Dogecoin has seen a rally exceeding 10% following the launch of Elon Musk’s Department of Government Efficiency website, which features the Dogecoin logo. On January 21, Dogecoin increased by over 11% to reach $0.38. The agency, led by Musk, aims to reduce government spending and streamline regulations. Retail investors are optimistic about the agency as a potential driver for Dogecoin's price due to the shared logo and acronym between the agency and the cryptocurrency. Previously, on November 27, 2024, Dogecoin's market cap hit $56.1 billion, largely thanks to Musk's endorsements and speculation about an exchange-traded product for the memecoin.

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