Why Is Dogecoin Price Going Up Today?

Dogecoin rose today due to Elon Musk’s tweet pushing the DOGE token as a possibility of Donald Trump as the next president of the US. DOGE price to hit $1? Dogecoin price on an unstoppable run amid Elon Musk’s: “Department of Government Efficiency” (DOGE). This has also been boosted by prediction markets, where Donald Trump leads on the DOGE token price. DOGE experienced an impressive daily increase of 15% in its price. 

Dogecoin price continues in an ascending trajectory, so here are some of the reasons why this cryptocurrency is on an upward course after Elon Musk’s Department of Government Efficiency (DOGE) proposal and a technical breakout of the DOGE chart. Crypto market participants seem to share the hope of seeing the price of DOGE reach $1: it has increased more than by 35% this month.

Elon Musk’s DOGE Proposal Boils Dogecoin Price

Elon Musk’s strong endorsement to help Donald Trump get re-elected and his own involvement in rallies assisted Trump’s candidacy enough to win the 2024 presidency. It may lead to the establishment of the DOGE in Trump’s administration and, consequently, the rallying cry of Dogecoin, to touch $1. The odds according to the polymarket data increased to 66% which was 22% ahead of the Democrat Kamala Harris before the election. Trump endorses Bitcoin and crypto regulation to introduce a new generation of virtual currencies.

To recall what CoinGape published, Elon Musk said, they could save at least $2 trillion out of $6.5 trillion wasted by the Biden-Harris administration. Moreover, by mentioning ‘DOGE’, Elon Musk was able to support the upside energy behind the DOGE price today. In addition, Custodia Bank’s CEO Caitlin Long responded and explained her suggestions to DOGE founding members Howard Lutnick and Musk. She also urged the government to monitor federal employees, and regulations that intimidate companies such as Custodia.

Read More:- How Donald Trump And Bitcoin Will Save The US Economy

Multiple Factors Indicates Bullish Target For DOGE

Renowned crypto analyst Ali Martinez went further to say that he expects the meme coin to rise to new highs within the next few years, or at the least, an additional 25% increase in the price of a Dogecoin. He said it is carving out a flag and pole formation on the charts and this will lead to a rally of at least $0.175. Another popular analyst Rekt Capital went further to say that DOGE can reach $0.2 in the next year. Dogecoin has just bounced back from the red level of $0.14 as support and formed an upward move towards $0.16 which is a blue resistance level.  

The current price for DOGE is $0.1669 with 24 hours high at 0.1684. It was up by 35% in one month as the coin recorded a high as whales, who are holding large amounts of DOGE. The proposed Department of Government Efficiency (DOGE) and Trump’s commitment to giving Musk a place on the Presidential cabinet has been driving DOGE to $1 sentiment.

On the total market value in futures, DOGE spiked with the total futures by 28% within a single day in the derivatives. This means there is a huge interest among derivatives traders. Using the Coinglass data, total DOGE futures Open Interest increased above $136,000,000 during the surge in demand.