New Delhi: Dogecoin price rally is making investors eye a target price of $1 per unit. Dogecoin, whose ticker is DOGE, surged 41 cents on Tuesday. This is the second such instance that the crypto coin has crossed this threshold since May 2021 when Dogecoin had hit a high of 70 cents.
Dogecoin’s price has surged 150 per cent in the past week. The crypto coin’s value rose 3X in the past month, acording to Coindesk crypto exchange data. Dogecoin investors rushed to cash the rally leading to a $68 million decline in DOGE-linked futures.
DOGE’s Musk connection
While Doge coin is a meme coin, which means that it was started as a joke, being name after a colloquial pronunciation for the word ‘dog’. It has assumed a new dimension since Trump’s win. Musk has often stated that Trump is likely to make him the of the Department of Government Efficiency. The abbreviation for this is DOGE.
— Elon Musk (@elonmusk) November 13, 2024
In a post on social media platform X, Musk, shared a statement from US President-elect Donald Trump in which he announced the Tesla boss’ appointment as the co-lead of the Department of Government Efficiency with Republican politician Vivek Ramaswamy.
DOGE is expected help Trump’s administration”dismantle government bureacracy”, according to the statement. The department will provide “advice and guidance from outside the government,” it stated. Musk and Ramaswamy are expected to take an entrepreneurial approach to government, according to the statement. The department is expected to cut down government spending by eliminating “massive waste and fraud,” it said.
Does Dogecoin have a future?
Dogecoins are in substantial supply, which may limit its lucrativeness in the near term. However, a proportionate rise in demand may propel the crypto coin higher, according to Techpoint Africa. Analysts peg Doegcoin to reach $1.95 levels by the end of 2025. Dogecoin is the largest meme coin by market capitalisation.
Doge coin Price: The cryptocurrency’s price soared on Tuesday morning after US President elect Donald Trump named Tesla boss Elon Musk and Republican politician Vivek Ramaswamy to co-lead the Department of Government Efficiency. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
