Elon Musk, the enigmatic polarizing founder of Tesala and recent anathema of Taylor Swift fans, has once again pumped his favorite crypto, Dogecoin,
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In a recent post on X, formerly known as Twitter, Musk introduced the idea of a fictitious “Department Of Government Efficiency,” or DOGE for short. While it might come off as a cheeky swipe at red tape, this quirky notion has nonetheless thrust Dogecoin back into the limelight.
With a wink and a nod, Musk has subtly plugged DOGE to his colossal following, leaving the actual intentions of this “department” hazy.
Dogecoin’s Market Response to Elon Musk Crypto Influencer
In the wake of Musk’s tweet, Dogecoin’s price has climbed, riding a bullish wave with a 6% surge kicking off the week. 99Bitcoin’s analysts are eyeing a “falling wedge” pattern on the charts, hinting at more gains to come.
If the pattern is completed in full, Dogecoin could be waiting for a ‘flight’ to $0.15 per DOGE, which would mean a 50% gain.
Department
Of
Government
Efficiency— Elon Musk (@elonmusk) September 12, 2024
This optimism comes as Dogecoin hovers around $0.10, with optimists eyeing a potential rise to $0.15.
Elon’s recent DOGE nod comes on the heels of a legal victory clearing him of price manipulation accusations.
A judge ruled that accusations against Musk of market manipulation via tweets were baseless, labeling his Dogecoin remarks as mere “aspirational puffery.” This decision fortified Musk’s stance and underscored the speculative nature of a crypto market driven by celebrity endorsements.
The Road to $0.15: Bullish Signals for DOGE
With Dogecoin reclaiming the $0.10 mark, analysts are alert to signs of whale accumulation, indicating a possible uptick. The meme coin’s future also hinges on Bitcoin’s performance, with any bullish wave likely to pull DOGE along.
Even if the “Department Of Government Efficiency” never materializes, its influence on Dogecoin’s spotlight and market value is undeniable.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
