Emily Walker
Originally, Dogecoin started as a playful idea among cryptocurrency fans, but it has risen to be among the top 10 digital currencies by market capitalization. Currently valued at $55.31 billion, its price is on a slow upward trend. Recent technical analyses indicate that this meme coin has broken free from a downward trend, hinting at positive price movement in the future.
On Wednesday, Dogecoin was priced at $0.3796 — a remarkable increase of 113% over the past week. Analysts are optimistic, projecting short-term targets of $0.70 and long-term goals of $3.00. The recent fluctuations in DOGE’s price echo dynamics seen with Bitcoin, influenced in part by Elon Musk’s increasing involvement in the upcoming Trump administration.
The Connection Between Musk and Dogecoin
While Dogecoin is not Elon Musk’s brainchild, he has played a significant role in its popularity. Musk first tweeted about Dogecoin on April 2, 2019, calling it his favorite cryptocurrency, which led to a price spike from $0.002 to $0.004 in just a few days. His renewed interest in December 2020 again caused the price to soar.
President-elect Donald Trump announced Tuesday that Elon Musk and Vivek Ramaswamy will lead a new “Department of Government Efficiency”（D.O.G.E）in his second administration. Trump said that the pair will work together to “dismantle Government Bureaucracy, slash excess…
— Wu Blockchain (@WuBlockchain) November 13, 2024
Musk’s latest ventures are generating buzz in the cryptocurrency realm, particularly for Dogecoin. Trump has appointed Musk and Vivek Ramaswamy to head a new initiative named the Department of Government Efficiency (DOGE), which has led to renewed excitement among crypto traders and analysts about potential benefits for the sector.
Speculations on D.O.G.E, Musk, and Future Prices
Interestingly, the new agency’s name also originated from online humor, reflecting the playful spirit behind Dogecoin. There are even suggestions to use the iconic Shiba Inu as the department’s mascot. Much like Musk’s influence on Dogecoin, traders hope for similar price increases following this announcement.
Additionally, discussions around potential Dogecoin ETFs or other crypto-oriented financial products are fueling optimism. With Musk’s entertaining approach to cryptocurrency alongside his growing influence, many believe that Dogecoin and the broader crypto market will see significant progression in the coming years.
Outlook for Dogecoin’s Price
Following Trump’s announcement, speculation surged in the market, reflecting positively on Dogecoin’s value. Analysts observe a bullish trend in the token’s charts, indicating a potential breakout in price.
Currently, experts point to Dogecoin striving to break out from a “descending triangle pattern,” which has historically preceded price increases. Should the momentum continue alongside favorable market conditions, predictions suggest Dogecoin could reach $0.70 shortly and even hit $3 in the long term.
Featured image from NewsWatch, chart from TradingView