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Elon's DOGE Explores Blockchain for Governments

Coin WorldSunday, Jan 26, 2025 3:28 pm ET

1min read

Elon Musk's Department of Government Efficiency (DOGE) is exploring the use of blockchain technology to enhance government efficiency and transparency. The agency, led by Musk, is considering implementing blockchain for tracking government expenditures, aiming to improve accountability and reduce waste. This move comes as part of a broader effort to leverage technology to streamline government operations.

The DOGE website has recently removed the Doge meme logo, which has had an impact on the price of the original meme coin, Dogecoin. The price initially rose to $0.385 on Tuesday when the agency website featured Kabosu's likeness but later declined after it was removed. Despite this, the overall market sentiment for cryptocurrencies remains positive, with Bitcoin reaching a new all-time high of $109,114 on Jan. 20.

Meanwhile, MicroStrategy, a business intelligence company, continues to accumulate Bitcoin. Under the leadership of Michael Saylor, the company has acquired 461,000 Bitcoin valued at nearly $49 billion. The firm recently added $1 billion worth of Bitcoin to its holdings, demonstrating its commitment to the cryptocurrency as a store of value.

In other news, the Trump and Melania meme coins launched on Solana have attracted significant attention from regulators. Senators Elizabeth Warren and Jake Auchincloss sent a letter to federal regulators requesting an investigation into the cryptocurrencies, citing concerns about potential conflicts of interest, consumer protection issues, and national security implications. Vitalik Buterin, the founder of Ethereum, has also criticized 'politician coins,' arguing that they serve as a 'perfect bribery vehicle.'

Ivanka Trump, the former First Daughter, has issued a public warning about an unauthorized cryptocurrency using her name and likeness, branded as '$IVANKA.' In a statement on X, she explicitly denied any involvement with the token, emphasizing the risk of consumer fraud and unauthorized use of her identity.

In the world of NFTs, Animecoin, supporting the Azuki NFT project ecosystem, has achieved over $350 million market capitalization within 24 hours of launch. The token's total supply is set at 10 billion tokens, with specific allocations for the Azuki community and future DAO management.

Lastly, David Balland, co-founder of cryptocurrency wallet developer Ledger

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