Dogecoin (CRYPTO:DOGE) is up on Tuesday despite a decline in the broader crypto market. The token price of the popular meme coin increased by 3% in the last 24 hours as of 11:40 a.m. ET. BitcoinThe price of was down 0.9%, and the price of Ethereum was down 1.6%.
In celebration of President Trump’s inauguration yesterday, the Department of Government Effectiveness (DOGE) launched its website. Although the government advisory commission is not directly connected to the Dogecoin cryptocurrency, the new website features the Dogecoin logo.
Where to invest $1,000 right now? Our team of analysts has just revealed what they think is the 10 best stocks buy now. See the 10 values »
Musk signals more support for Dogecoin
Dogecoin investors are in for a pleasant surprise with the Department of Government Efficiency’s new website. The advisory commission is headed by Tesla CEO Elon Musk, who has long supported the coin.
The name Department of Government Efficiency was likely chosen by Musk because its acronym is the same as Dogecoin’s cryptographic symbol. The tech leader has leaned into the meme culture surrounding cryptocurrency, and the inclusion of its logo for the new advisory commission under the Trump administration appears to be its latest message of support for the token.
What’s next for Dogecoin?
Alongside macroeconomic trends and other dynamics that shape the broader cryptocurrency, benchmarks and signs of support have been one of the main price catalysts for Dogecoin. The CEO has repeatedly shown that his comments and actions can have a significant impact on the crypto market, and Dogecoin in particular, and it is likely that this will continue to be the case for the foreseeable future.
Some investors are hoping that Dogecoin will be integrated into the new payment system launched by X – the social media platform formerly known as Twitter, also owned and operated by Musk. Given the CEO’s repeated indications in favor of the cryptocurrency, it is not unreasonable to think that Dogecoin will be integrated into X’s upcoming payments network. If this happens, it could become a significant bullish catalyst for the token .
On the other hand, Dogecoin’s price outlook remains highly speculative and investors should approach the token knowing that it is a risky bet. If the crypto bull market continues, Dogecoin could continue to rally – but there are no guarantees on this front.
Don’t miss this second chance and a potentially lucrative opportunity
Have you ever felt like you missed the boat by buying the best performing stocks? Then you will want to hear this.
On rare occasions, our team of expert analysts issues a “Doubled” actions recommendation for businesses that they believe are on the verge of collapse. If you’re worried that you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
-
Nvidia: If you invested $1,000 when we doubled down in 2009, you would have $357,084!*
-
Apple: If you invested $1,000 when we doubled down in 2008, you would have $43,554!*
-
Netflix: If you invested $1,000 when we doubled down in 2004, you would have $462,766!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
*Stock Advisor returns effective January 21, 2025
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool holds positions and recommends Bitcoin, Ethereum and Tesla. The Mad Motley has a disclosure policy.