Dogecoin Rises 94% Following Musk's Appointment to New Department

user avatar

by Giorgi Kostiuk

2 years ago

Dogecoin's price has skyrocketed by 94% over the past week, despite a 1.7% dip in the last 24 hours. This surge can be attributed to the appointment of Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency.

Musk's Appointment and Dogecoin Surge

U.S. President Donald Trump announced the creation of the Department of Government Efficiency (DOGE), headed by Elon Musk and entrepreneur Vivek Ramaswamy. This announcement led to a significant rise in Dogecoin's price, as the cryptocurrency was chosen as a symbol for the new department. The appointment highlights the influence of Musk on the cryptocurrency market.

Together, these two remarkable individuals will lead my administration’s efforts to dismantle bureaucracy and reduce unnecessary spending.Donald Trump

Technical Analysis: Parabolic Trend and Indicators

Dogecoin exhibits a sharp parabolic rise, with support around $0.05 and reaching a high of $0.4151. Currently trading at about $0.3827, strong bullish momentum is evident. Such movements suggest caution as they often precede sharp corrections.

Dogecoin Outlook: Possible Scenarios

Technical indicators show signs of a potential pullback. While the MACD remains positive, the overbought RSI at 92.05 hints at a likely market cool-down. If a correction occurs, support levels might be around $0.25 or $0.20, but a continuation of the bullish trend could push the price back to $0.41 or higher.

Dogecoin's rise continues to attract investors, but technical signals suggest a possible correction. Musk's appointment may have long-term effects on its price and standing in the cryptocurrency world.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Cardano's Stablecoin Market Surpasses 702 Million

As of October 18, Cardano's stablecoin market has reached a notable milestone, with the total supply of dollar-pegged tokens hitting approximately 702 million.

user avatarFilippo Romano

Aptos Reports Token Burn and Staking Emissions

Aptos has burned approximately 174,570 APT in the last 30 days while issuing around 15 million APT through staking.

user avatarEmily Carter

Cross River Bank Integrates Ripple's RLUSD Stablecoin for Enhanced Payment Solutions

Cross River Bank integrates Ripple's RLUSD stablecoin to enhance payment solutions for fintech customers.

user avatarTomas Novak

Stocklinked Tokens in DeFi Surge to $2.624 Billion

Stocklinked tokens in decentralized finance reached approximately $2.624 billion by the end of September 2026, marking an 18-fold increase from the beginning of the year.

user avatarKaterina Papadopoulou

Fidelity's Assessment Highlights Solana's Improved Reliability

Fidelity's assessment indicates Solana has operated for over two years without major outages, achieving a 99.7% vote success rate, but warns of concerns regarding validator concentration.

user avatarMaya Lundqvist

BitTorrent Unveils New Whitepaper and Brand Upgrade for Web3 and AI

In October 2023, BitTorrent unveiled a comprehensive brand upgrade and a new whitepaper outlining a tripartite architecture for decentralized content distribution and compute, aiming to enhance operational efficiency for Web3 and AI applications.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.