Dogecoin price drops 8.3% despite new government efficiency department led by Musk and Ramaswamy

Dogecoin's price fell 8.3% to $0.3831 despite recent promotions for the new Department of Government Efficiency (DOGE). President-elect Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the department, which aims to reduce federal bureaucracy. Musk announced that all actions of DOGE will be publicly tracked for transparency. Ramaswamy stated the department will crowdsource examples of government waste, involving the public in reform efforts. Despite the price drop, there is strong HODLing sentiment, with more Dogecoin being withdrawn from exchanges than deposited. The recent rally had previously pushed the price up nearly 94% over the past week.