Dogecoin Explodes 113% After Trump Announced Key Admin Role For Elon Musk

Dogecoin was initially an “inside joke” among crypto enthusiasts but soon became one of the top 10 biggest digital assets by market cap. Today, it’s worth $55.31 billion based on current prices and has been slowly increasing in value recently. Based on technical and market charts, the popular meme coin has broken out of its descending triangle, suggesting a bullish trajectory ahead.

As of Wednesday, Dogecoin is trading at $0.3796 — and notched a solid 113% rally in the last week– with analysts targeting a price of $0.70 in the short term and $3.00 in the long term. Like Bitcoin, DOGE’s recent price action is caused by several factors, including Elon Musk’s growing influence in the incoming Trump administration.

Source: Bitstamp

Musk And Dogecoin’s Long History

Although Dogecoin isn’t Elon Musk’s idea, the Twitter/X owner has a long history with the famous meme coin. Musk first mentioned Dogecoin on April 2nd, 2019, posting that it’s his favorite cryptocurrency and adding that it’s pretty cool. After sharing his post, the coin’s price surged from $0.002 on April 1st to $0.004 on April 4th. Musk resumed tweeting about the token in December 2020, causing its price to spike.

President-elect Donald Trump announced Tuesday that Elon Musk and Vivek Ramaswamy will lead a new “Department of Government Efficiency”（D.O.G.E）in his second administration. Trump said that the pair will work together to “dismantle Government Bureaucracy, slash excess…

— Wu Blockchain (@WuBlockchain) November 13, 2024

Musk’s actions are disrupting crypto again today, particularly Dogecoin’s valuation. Incoming President Donald Trump has announced that Elon Musk and Vivek Ramaswamy will head a new agency called the Department of Government Efficiency (DOGE). This latest staffing announcement from Trump has sparked optimism and excitement among crypto traders and analysts, betting that it can potentially benefit the industry.

DOGE market cap currently at $55 billion. Chart: TradingView.com

D.O.G.E, Musk, And Crypto’s Potential Price Performance

Interestingly, the newly created agency under Trump, which aims to “cut bureaucracy,” also started out as a meme and joke on Twitter/X. The agency’s name is a play on the popular meme coin, and its supporters even suggested that the same Shiba Inu dog be used as its mascot. Like what Musk did to the meme coin, enthusiasts and traders expect the same price surge with his appointment.

Aside from the creation of D.O.G.E, other rumors are boosting Dogecoin and crypto price action. For example, there are talks that the market may see the release of Dogecoin ETFs or other crypto-related financial products that can enhance liquidity and improve access. With Musk’s humorous yet effective take on crypto and his growing influence under Trump, many say that Dogecoin and crypto will benefit in the long run.

Here’s What To Expect From Dogecoin’s Price

Immediately after Trump’s confirmation, the market was abuzz with speculation, and Dogecoin’s charts responded positively. The token’s charts show a bullish trend, with a big chance for a price breakout.

Meanwhile, market analysts say Dogecoin is attempting to break out from a “descending triangle pattern,” setting up a bullish trend. In the past, this digital asset surged in price after breaking out from its descending triangle. Experts see Dogecoin’s price hitting $0.70 in the short term and can hit $3 in the long run, provided the momentum and favorable market conditions hold.

Featured image from NewsWatch, chart from TradingView