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TL;DR
Dogecoin pumped substantially following Elon Musk’s latest comments on a possible “D.O.G.E.” government department.
Analysts speculate on DOGE’s potential for $1, with some citing Trump’s possible victory as a factor that could drive sustained hype.
The cryptocurrency sector is slightly in the red today (November 5), with its global market capitalization dropping by over 2% to around $2.38 trillion (per CoinGecko’s data). Bitcoin (BTC) currently trades at around $68,500 (roughly the same level witnessed 24 hours ago), while Ethereum (ETH) is down by 1.7%.
One leading digital asset that is defying the negative trend is Dogecoin (DOGE). The OG meme coin experienced a 10% price increase on a daily scale, rising to almost $0.17.
DOGE Price, Source: CoinGecko
Its impressive performance could be attributed to Elon Musk’s comments during his recent appearance on Joe Rogan’s podcast. Tesla’s CEO once again talked about establishing a Department of Government Efficiency (D.O.G.E.) should Donald Trump win the US presidential elections.
This time, Musk shed much more details, claiming the potential division will aim to solve the problem with “the suffocating massive federal bureaucracy” and control the government’s spending, which has gone through the roof in the past years.
Tesla’s boss is a huge supporter of Dogecoin and one of the most influential people who publicly endorsed Trump for president. As such, it is safe to assume that the final results of the elections could trigger additional price volatility for DOGE.
Numerous analysts noted DOGE’s resurgence, envisioning further increases in the future. One of those who chipped in was the X user Satoshi Flipper.
The trader believes a Trump victory could result in a Dogecoin price rally to as high as $1 due to the constant potential interactions about the Department of Government Efficiency in the next four years.
Hitting the $1 milestone seems unlikely at the moment, considering that the meme coin’s market cap must rise above $140 billion for that to happen. DOGE’s capitalization stands at around $24.5 billion, but let’s not forget that it exploded above $90 billion in May 2021.
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The post Dogecoin (DOGE) Soars 10% After Musk’s Appearance on Joe Rogan’s Podcast: Details appeared first on Panther AI.
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Dogecoin pumped substantially following Elon Musk’s latest comments on a possible “D.O.G.E.” government department.
Analysts speculate on DOGE’s potential for $1, with some citing Trump’s possible victory as a factor that could drive sustained hype.
DOGE’s Rally
The cryptocurrency sector is slightly in the red today (November 5), with its global market capitalization dropping by over 2% to around $2.38 trillion (per CoinGecko’s data). Bitcoin (BTC) currently trades at around $68,500 (roughly the same level witnessed 24 hours ago), while Ethereum (ETH) is down by 1.7%.
One leading digital asset that is defying the negative trend is Dogecoin (DOGE). The OG meme coin experienced a 10% price increase on a daily scale, rising to almost $0.17.
DOGE Price, Source: CoinGecko
Its impressive performance could be attributed to Elon Musk’s comments during his recent appearance on Joe Rogan’s podcast. Tesla’s CEO once again talked about establishing a Department of Government Efficiency (D.O.G.E.) should Donald Trump win the US presidential elections.
This time, Musk shed much more details, claiming the potential division will aim to solve the problem with “the suffocating massive federal bureaucracy” and control the government’s spending, which has gone through the roof in the past years.
Tesla’s boss is a huge supporter of Dogecoin and one of the most influential people who publicly endorsed Trump for president. As such, it is safe to assume that the final results of the elections could trigger additional price volatility for DOGE.
Is the $1 Target Plausible?
Numerous analysts noted DOGE’s resurgence, envisioning further increases in the future. One of those who chipped in was the X user Satoshi Flipper.
The trader believes a Trump victory could result in a Dogecoin price rally to as high as $1 due to the constant potential interactions about the Department of Government Efficiency in the next four years.
Hitting the $1 milestone seems unlikely at the moment, considering that the meme coin’s market cap must rise above $140 billion for that to happen. DOGE’s capitalization stands at around $24.5 billion, but let’s not forget that it exploded above $90 billion in May 2021.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Source link
The post Dogecoin (DOGE) Soars 10% After Musk’s Appearance on Joe Rogan’s Podcast: Details appeared first on Panther AI.
Continue reading...