American billionaire Elon Musk’s statement on Saturday caused a stir in the broader crypto market. Dogecoin saw an increase in bullish sentiment as Musk said, “I’m starting to feel like DOGE has some real potential” on the Department of Government Effectiveness (DOGE). However, DOGE price continues to move sideways after increasing over 200% in a month.
Elon Musk sparks Dogecoin optimism with DOGE Post
In an official X post on November 16, Elon Musk sparked major market discussions with his optimism about the Department of Government Effectiveness. Notably, following the appointment of the head of Tesla and SpaceX as head of the mentioned government department alongside V. Ramaswamy, this statement did not come as a surprise to the national masses.
The Department of Government Effectiveness is expected to bring major reform to the United States government, according to the agency’s X handle. In the meantime, it should be noted that Musk’s appointment as the head of the entity comes the day after the re-election of Republican Donald Trump as the 47th president of the United States
Overall, the announcement gained traction in the industry, as Musk had previously strongly defended Dogecoin, drawing attention to the government department that bears his name. In turn, the best dog themed coin attracted particular attention in light of this statement, followed by another unprecedented optimistic development.
THE Dogecoin lawsuit against Elon Musk was recently withdrawn by investors, adding to market optimism on the meme token. For context, the lawsuit alleged that Tesla and SpaceX executives manipulated the price of the meme coin for personal gain. Nonetheless, while the odds are tilted in the billionaire’s favor, recent developments weigh on considerable optimism about the meme token’s price movements.
DOGE prices jump
DOGE Price has seen gains worth 2% over the past 24 hours and is now trading at $0.3788. The coin’s 24-hour low and high were $0.3545 and $0.3899, respectively. Oddly enough, the coin’s upward movement amid Musk’s statements has sparked considerable investor curiosity. Additionally, the token’s weekly gains totaled 80%, highlighting an uptrend.
Simultaneously, Coin Data showed that the coin’s OI futures climbed 11% intraday to $3.02 billion. This signals increased investor interest in Dogecoin amid a crypto bull market. Overall, market observers continue to closely monitor the token in anticipation of future gains.
Additionally, popular crypto market expert Ali Martinez predicted that Dogecoin price could reach $4. This bold prediction follows historical trends and bullish momentum in the crypto market sparked by Donald Trump and Musk. Additionally, a recent DOGE Price Analysis by CoinGape Media reveals that the token could rise by 200% as the meme coin rally is not over yet. These bullish projections tip the scales to the optimistic side for market investors.
However, market observers also remain on guard as the coin’s price is currently consolidating. Nevertheless, massive Buy DOGE whale in the middle of this period added a bullish tinge to future movements.
Also, the imminence launch of “DogeOS” brings additional optimism to investors about the future movements of the cryptocurrency.
Quince stick
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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