American billionaire Elon Musk’s statement on Saturday caused a huge impact in the crypto market. Dogecoin experienced a positive sentiment that rose with Musk’s words, “I’m starting to feel that ‘The DOGE’ has real potential regarding the Department of Government Efficiency (D.O.G.E). However, the DOGE price continues to move sideways despite increasing by more than 200% in a month.
Optimism for Dogecoin
Elon Musk initiated significant discussions in the market by expressing his optimistic views about the Department of Government Efficiency in an official post he made on the X platform on November 16. The appointment of Musk, the leader of Tesla and SpaceX, to head this government department together with V. Ramaswamy did not cause surprise across the country. The Department of Government Efficiency has the potential to bring major reform to the US government, according to his own X account. Musk’s appointment to head this department came after Republican Donald Trump was re-elected as the 47th President of the United States.
In general, the announcement caused a huge impact in the sector. Musk has previously strongly defended Dogecoin, drawing the attention of this government department. This statement has caused the popular dog-themed meme coin to gain renewed interest and has been supported by another positive development. The recent withdrawal of the Dogecoin lawsuit filed against Elon Musk by investors has increased market optimism for the meme coin. The lawsuit alleged that the Tesla and SpaceX leader manipulated the price of Dogecoin for personal gain. However, recent developments have turned in the billionaire’s favor, increasing positive expectations for the meme coin’s price.
DOGE price on the rise
DOGE price has seen a 2% increase in the last 24 hours and is currently trading at $0.3788. The coin’s 24-hour low and high were $0.3545 and $0.3899, respectively. Interestingly, this increase, along with Musk’s statements, has sparked great curiosity among investors. Moreover, the token’s weekly gains have reached 80%, indicating a bull run. At the same time, Coinglass data showed that the coin’s futures open interest (OI) increased by 11% on the day to $3.02 billion. This shows that investor interest in Dogecoin is increasing in the rising crypto market. Overall, market observers continue to closely monitor the token’s future gains.
In addition, popular crypto market expert Ali Martinez predicted that the Dogecoin price could reach $4. This bold prediction is based on historical trends and bullish momentum in the crypto market triggered by Donald Trump and Elon Musk.
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