Dogecoin Pre-Election Pump: Will Department of Government Efficiency Be Created By Trump?

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 Rumors of a "Department of Government Efficiency" by Trump have sparked interest, and Dogecoin's price is showing signs of a pre-election surge.

Dogecoin (DOGE) is gaining attention amid a pre-election DOGE price rally, coinciding with speculation about a new initiative by former President Donald Trump.

Rumors of a “Department of Government Efficiency” have sparked interest, and Dogecoin price shows signs of a pre-election surge. Could the momentum of this meme coin rise with the result of the upcoming US elections?

Doge doge-dogecoin icon doge-dogecoin icon Price Trading volume in 24h Last 7d price movement has bucked the trend this month, rising 17% since the beginning of November. This is the opposite of most other cryptocurrencies that have been affected by the high volatility caused by the now looming US elections.

Some of this hype could be attributed to speculations about a “Department of Government Efficiency (DOGE)”.

This is a rumored initiative that former President Donald Trump might establish. This hypothetical department is intended to focus on improving government processes, reducing bureaucracy, and increasing efficiency in governmental operations.

Self-proclaimed ‘CEO of DOGE’ Elon Musk could also have a role.

Could Trump’s Victory in the Upcoming US Elections send DOGE Price to New Highs?

Doge Coin Price Update

(DOGEUSDT)

Dogecoin’s price is nearing the $0.176 resistance level. If this level breaks, DOGE price could see a significant breakout, potentially reaching a new yearly high.

The next major resistance level would be $0.33. On the downside, support remains at $0.087, offering a strong buy zone if the price retraces.

An RSI of 66.1 for Dogecoin could indicate that the coin is in bullish territory but is approaching the overbought level, typically above 70.

The daily chart also shows that Dogecoin is trading above the 100-day moving average (MA), which indicates a short-term uptrend. The 100-day MA is pointing up, supporting Doge’s upside momentum further.

On a fundamental level, the rumors about Trump creating a “Department of Government Efficiency” have sparked interest in Dogecoin.

Trump’s connection to meme culture and online communities makes this interesting for DOGE supporters. Some even joke that Trump might endorse Dogecoin as a symbol of efficiency.

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EXPLORE: Election Day is Here: How the Presidential Race Could Impact Crypto Market Volatility

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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.
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