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Highlights
- Elon Musk's DOGE is being sued by a US watchdog, per recent reports.
- The lawsuit alleges that the advisory panel violated federal transparency laws.
- Investors cautious over Dogecoin, given Elon Musk's massive influence on the meme token.
DOGE Lawsuit: In an unprecedented turn of events, Elon Musk’s Department of Government Efficiency (D.O.G.E.), an advisory panel under Donald Trump’s presidency, appears to have encountered a severe setback as it faces a lawsuit. Notably, recent reports from across the globe reveal that the advisory panel is being sued right after Donald Trump takes office on Monday. As a result, the crypto realm remains cautious as speculations of Dogecoin price taking a blow also persist, given Musk’s massive influence on the token.
DOGE Lawsuit Right After Trump’s Inauguration Sparks Concerns
According to a recent report from The Washington Post, Elon Musk’s DOGE is to be sued right after Donald Trump’s presidential inauguration on January 20. A U.S. watchdog group (National Security Counselors) appears to have alleged that the advisory panel has violated federal transparency laws.
Intriguingly, the lawsuit particularly alleges that the Musk-led panel meets the requirements to be called a “federal advisory committee.” It appears to have failed to meet the requirements of a 1972 law that established rules on disclosure, hiring, and other practices. As a result, the Department of Government Efficiency is sued within minutes of the Republican taking office.
However, IBC Group co-founder Mario Nawfal has recently posted on X, claiming that “this is just lawfare to stop Trump’s plan to slash waste and shrink bloated bureaucracy.” Altogether, in light of the lawsuit, Dogecoin (DOGE) has captured significant attention across the globe, particularly among crypto enthusiasts across the broader market.
Dogecoin Price To Take Hit?
At the time of reporting, Dogecoin price witnessed a highly turbulent action, slipping by 1% to reach $0.3716. The coin’s 24-hour low and high were $0.3472 and $0.3984, respectively. Crypto market traders and investors remain extremely cautious as the DOGE lawsuit unfolds as such previous chronicles have negatively impacted prices.
It can be seen in the case of Ripple vs. SEC, as the token showcased a prolonged sluggish performance before finally rallying to cross $3 again in 2025. It’s noteworthy that the rally came against the backdrop of Gary Gensler’s exit from the SEC and a pro-crypto wave under Trump’s presidency.
However, Dogecoin’s much-awaited rally in 2025 may encounter a hurdle as Elon Musk’s DOGE lawsuit may impact market sentiment. Traders and investors are continuously monitoring the token for price action shifts.
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