Dogecoin surged over 11% after Elon Musk’s Department of Government Efficiency (DOGE) launched its official website on January 21. The agency, tasked with cutting government spending and streamlining regulations, prominently features the Dogecoin logo, fueling speculation about its connection to the cryptocurrency.

The DOGE agency, established to "redefine government for the digital age," shares its name and logo with the popular meme-inspired cryptocurrency. Retail investors have seized on this association, sparking a rally that pushed Dogecoin’s price briefly above $0.40.

Despite the recent surge, Dogecoin remains 48% below its all-time high of $0.73, achieved on May…