DOGE Sued Right After Trump’s Inauguration: Market on Edge

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Elon Musk’s D.O.G.E. Panel Faces Legal Action: In an unforeseen twist, Elon Musk’s Department of Government Efficiency (D.O.G.E.), a panel operating under Donald Trump’s administration, is finding itself in a challenging situation as it has been served with a lawsuit. Strikingly, news sources worldwide are reporting that the panel was sued immediately following Donald Trump’s inauguration on Monday. Consequently, the cryptocurrency market is treading carefully as rumors about potential price drops for Dogecoin, due to Musk’s significant sway over the token, continue to circulate.

DOGE Lawsuit Right After Trump’s Inauguration Sparks Concerns

Following Donald Trump’s presidential inauguration on January 20th, Elon Musk’s DOGE (Dogecoin) is expected to face a lawsuit. The reason for this legal action stems from allegations made by a U.S. watchdog group, the National Security Counselors, who claim that the advisory panel involved with DOGE has breached federal transparency laws.

Interestingly, the lawsuit claims that the panel overseen by Elon Musk potentially fulfills the criteria to be recognized as a “federal advisory committee.” However, it seems this committee may not have adhered to the regulations set forth by a 1972 law regarding transparency, hiring, and other procedures. Consequently, the Department of Government Efficiency finds itself being sued shortly after a new Republican administration takes office.

In a recent post on X, IBC Group co-founder Mario Nawfal asserts that the ongoing lawsuit is a legal tactic aimed at thwarting Trump’s initiative to reduce unnecessary spending and streamline bureaucracy. Consequently, Dogecoin (DOGE) has gained considerable global interest, particularly among crypto investors in various market sectors.

Dogecoin Price To Take Hit?

Currently, Dogecoin’s price is experiencing significant volatility, dropping by about 1% to hit $0.3716. During the last 24 hours, its lowest and highest points were at $0.3472 and $0.3984 respectively. As the legal case involving Dogecoin continues, traders and investors in the crypto market are exhibiting a high level of wariness, as similar events have historically led to price decreases.

In the context of Ripple versus the SEC, it’s interesting to note that the token experienced a lengthy period of slow growth before eventually surging past $3 once again in 2025. This surge took place during Gary Gensler’s departure from the SEC and under the pro-crypto climate fostered by President Trump’s administration.

In 2025, it’s possible that Dogecoin’s anticipated surge could face an obstacle due to Elon Musk’s ongoing legal action with DOGE. This situation might influence market opinions, so many traders and investors keep a close eye on the token for any changes in price behavior.

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2025-01-20 17:03