House Speaker Mike Johnson has announced that Elon Musk and Vivek Ramaswamy will meet with Republican members of the House and Senate next week. The Department of Government Efficiency (DOGE) will present significant proposals to reform government regulations and institutions. Dogecoin price is expected to hit $1 and more could witness a major rally.
DOGE leader Elon Musk and Vivek Ramaswamy visit Capitol Hill
Elon Musk and Vivek Ramaswamy are heading to Capitol Hill next week to present significant reform proposals for the Department of Government Efficiency (DOGE). House Speaker Mike Johnson has confirmed that Musk and Ramaswamy will meet with Republican members of the House and Senate on December 5. The Republican Party won the majority in both houses of the US Congress in the elections. The crypto industry has supported Donald Trump and the candidates, triggering BTC’s rise to $100,000 and Dogecoin’s price reaching its highest level in 3 years.
Trump said DOGE would pave the way for the administration to eliminate government bureaucracy, loosen excessive regulations, reduce spending, restructure federal agencies, and more. Elon Musk shared a post on November 30 about how the Biden administration has impacted economic and business growth. Vivek Ramaswamy and Musk criticized the government for forcibly ‘debanking’ people and businesses. Crypto executives including David Marcus, who runs Facebook’s Libra project, explained how the government politically killed the Diem stablecoin.
Analysts predict $2 for Dogecoin price
Dogecoin has seen a major rally as President-elect Trump and Elon Musk promised a major government transition and crypto-friendly regulations. The price of DOGE has increased by 6% in the last 24 hours and is currently trading at $0.42. The lowest and highest prices in the past 24 hours are $0.400 and $0.437, respectively. Moreover, trading volume has increased by over 80% in the last 24 hours, indicating a great interest among traders.
According to Coinglass data, Dogecoin’s total future open interest in the derivatives market has increased by 6% in 4 hours and 15% in 24 hours. The 8.85 billion DOGE futures OI is currently valued at $3.80 billion, signaling support for further upward movement. Analyst Bluntz Capital has predicted that Dogecoin’s price will increase by 420% to $2.2. He added that $1 will be hit soon as the DOGE/BTC pair chart is targeting a major rally.
One of the top analysts, Rekt Capital, said that Dogecoin’s price chart is forming an ‘ascending triangle’ pattern on the daily chart. This means that the meme coin could enjoy another round of money flow. He added that DOGE needs to close the week above $0.43 to confirm a breakout towards $1. In particular, DOGE is already forming a ‘golden cross’ on the 4-hour chart, which could trigger a rally towards $2.
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