Dogecoin, the popular meme cryptocurrency that started as an “inside joke” among crypto enthusiasts, has seen a significant surge in value recently. With a current market cap of $55.31 billion, Dogecoin has climbed the ranks to become one of the top 10 biggest digital assets. The coin is currently trading at $0.3796, with a notable 113% rally in the last week.
Technical and market charts indicate that Dogecoin has broken out of a descending triangle pattern, suggesting a bullish trajectory ahead. Analysts are targeting a price of $0.70 in the short term and $3.00 in the long term for Dogecoin. The recent price action of Dogecoin, similar to Bitcoin, is attributed to various factors, including the growing influence of Elon Musk.
Elon Musk, the CEO of Tesla and SpaceX, has a long history with Dogecoin despite not being its creator. Musk first mentioned Dogecoin in April 2019, calling it his favorite cryptocurrency and causing a surge in its price. Musk’s tweets about Dogecoin in December 2020 also led to a spike in its value.
In a surprising move, President-elect Donald Trump announced that Elon Musk and Vivek Ramaswamy will lead a new agency called the Department of Government Efficiency (DOGE) in his second administration. This announcement has sparked optimism among crypto traders and analysts, who believe that it could benefit the industry.
The creation of the Department of Government Efficiency, which started as a meme and joke on Twitter, is seen as a positive development for Dogecoin and the crypto market. Rumors of potential Dogecoin ETFs and other crypto-related financial products are also boosting market sentiment.
Market analysts predict a bullish trend for Dogecoin, with the coin potentially reaching $0.70 in the short term and $3 in the long run. The positive momentum and favorable market conditions are expected to support Dogecoin’s price surge. Overall, with Elon Musk’s influence and the creation of the Department of Government Efficiency, Dogecoin and the crypto market are poised for growth in the future.