Dogecoin (DOGE) has dropped 10% in the last 24 hours, despite the announcement of the Department of Government Efficiency (DOGE) by President-elect Donald Trump.
Elon Musk and Vivek Ramaswamy have been appointed to lead the initiative, aimed at dismantling government bureaucracy and cutting wasteful expenditures.
The establishment of the DOGE department was expected to generate positive momentum for Dogecoin, but the price took an unexpected downward turn.
Analysts predict a potential correction in the Dogecoin price before it heads higher.