U.S. Department of Government Efficiency Displays Dogecoin Logo After Launch
The newly established U.S. Department of Government Efficiency, led by Elon Musk, displayed a dogecoin (DOGE) logo on its website. The department was announced by Trump during a speech following his swearing-in.
Key points include:
- An executive order officially created the department, which lacks enforcement power.
- Musk has previously discussed using dogecoin to enhance government efficiency.
- DOGE experienced a 5% decline in the last 24 hours, mirroring a similar drop in the CoinDesk 20 (CD20) and bitcoin (BTC).
- A parody DOGE token rose 6% during the European morning.
- Legal challenges against the department cite violations of the Federal Advisory Committee Act, questioning its legal structure and transparency.
- Public Citizen is demanding clarity on the department's operations.