President Donald Trump’s inauguration on Monday introduced the Department of Government Efficiency, led by Elon Musk, but the anticipated boost to Dogecoin failed to materialize. Dogecoin initially fell 5% before recovering, aligning with a broader market decline that included a 3% drop in Bitcoin. The department’s website displayed a Dogecoin logo, which confused observers due to the lack of an official connection to the coin. The market's reaction indicates that investors were not strongly influenced by indirect links between Dogecoin and the Trump administration.
