News about Doge has negative effect on the price of Doge

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Last Updated on 24 February 2025 by CryptoTips.eu

The largest of all memecoins, Doge, is experiencing a very bad month with a price drop of some 30%. This is all the more remarkable because the name Doge, which since the start of the new Trump administration also stands for Department of Government Efficiency, can be found in the American news almost every day.

The name recognition effect that investors were hoping for, thus fails to materialize. Many feel that the ‘Doge’ name now has a negative sound to it.

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Election

Let’s go back to the beginning of November 2024. In the night of November 5 to 6, it quickly becomes clear that Donald Trump will win. As a result, Bitcoin’s price quickly rises and closes that month of November with a gain of some 40%. Phenomenal.

Dogecoin also benefits, because everyone realizes that Tesla founder Elon Musk will be part of that new government, leading the Department of Government Efficiency, or DOGE. Crypto investors therefore expect that Doge will be in the news so often that Dogecoin’s price will automatically rise.

In other words, investors are counting on something that could happen in the future and send Dogecoin’s price back to 40 cents per coin for the first time in years.

Usaid

As of today, the Department of Government Efficiency has been active for about month, and the Doge name is indeed appearing in the news on a daily basis. However, because Elon Musk and his team are currently mainly firing people and are receiving rather negative news coverage (the larger media channels in the United States are controlled by companies that are more Democratic than Republican-leaning), the opposite is happening. For example, Usaid was totally abolished and many civil servants received a letter of dismissal from the Doge department.

Dogecoin fell by about 30% in the last month, and is now back to where it was before Trump’s victory was announced. In Manhattan people protested this weekend, holding signs that read ‘Delete Doge’. No idea what to do next at the moment, but the correlation is quite striking.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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