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

MEXC's Tokenized Stocks and ETFs Experience 30% Growth

chest

MEXC reported a 30% month-on-month increase in spot trading volume for tokenized stocks and ETFs, reflecting broad-based growth.

user avatarKofi Adjeman

MEXC Reports Significant Growth in August Trading Data

chest

MEXC reports significant growth in trading volumes across various asset classes in August 2026, with a 130% month-on-month increase in stock, index, and ETF Futures.

user avatarTando Nkube

TRON DAO Enhances MetaMask Connectivity for Users

chest

TRON DAO announces enhanced MetaMask connectivity for various dApps, improving user interaction within the TRON ecosystem.

user avatarNguyen Van Long

MetaMask Connectivity Now Supported by Leading TRON dApps

chest

Four major decentralized applications in the TRON ecosystem have integrated MetaMask connectivity, enhancing user access to on-chain finance.

user avatarSatoshi Nakamura

AI Researchers Reduce Quantum Attack Resource Benchmark by 86 Times

chest

Researchers have reduced the computing resources needed for a potential quantum attack on Bitcoin and Ethereum by 86 times.

user avatarJesper Sørensen

Regulators Urge Faster Cybersecurity Measures in Banking Sector

chest

Regulatory bodies are urging banks to adopt quicker patching and incident response strategies to combat evolving cyber threats.

user avatarRajesh Kumar

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.