TL;DR
Dogecoin pumped substantially following Elon Musk’s latest comments on a possible “D.O.G.E.” government department.
Analysts speculate on DOGE’s potential for $1, with some citing Trump’s possible victory as a factor that could drive sustained hype.
DOGE’s Rally
The cryptocurrency sector is slightly in the red today (November 5), with its global market capitalization dropping by over 2% to around $2.38 trillion (per CoinGecko’s data). Bitcoin (BTC) currently trades at around $68,500 (roughly the same level witnessed 24 hours ago), while Ethereum (ETH) is down by 1.7%.
One leading digital asset that is defying the negative trend is Dogecoin (DOGE). The OG meme coin experienced a 10% price increase on a daily scale, rising to almost $0.17.
Its impressive performance could be attributed to Elon Musk’s comments during his recent appearance on Joe Rogan’s podcast. Tesla’s CEO once again talked about establishing a Department of Government Efficiency (D.O.G.E.) should Donald Trump win the US presidential elections.
This time, Musk shed much more details, claiming the potential division will aim to solve the problem with “the suffocating massive federal bureaucracy” and control the government’s spending, which has gone through the roof in the past years.
“Our interest payments on national debt now exceed the Defense Department budget. America is on the path to bankruptcy, so we have to cut government spending, or we are just going to go bankrupt just like a person would if he overspends.”
Tesla’s boss is a huge supporter of Dogecoin and one of the most influential people who publicly endorsed Trump for president. As such, it is safe to assume that the final results of the elections could trigger additional price volatility for DOGE.
Is the $1 Target Plausible?
Numerous analysts noted DOGE’s resurgence, envisioning further increases in the future. One of those who chipped in was the X user Satoshi Flipper.
The trader believes a Trump victory could result in a Dogecoin price rally to as high as $1 due to the constant potential interactions about the Department of Government Efficiency in the next four years.
#DOGECOIN/usdt WEEKLY$DOGE hodlers are going to be so happy when Musk & the US government post about the Department of Government Efficiency ( D.O.G.E ) NON-STOP for the next 4 years
If Trumps wins, $DOGE —> $1 pic.twitter.com/csowJCIOGA
— Satoshi Flipper (@SatoshiFlipper) November 4, 2024
Hitting the $1 milestone seems unlikely at the moment, considering that the meme coin’s market cap must rise above $140 billion for that to happen. DOGE’s capitalization stands at around $24.5 billion, but let’s not forget that it exploded above $90 billion in May 2021.
The post Dogecoin (DOGE) Soars 10% After Musk’s Appearance on Joe Rogan’s Podcast: Details appeared first on CryptoPotato.