Dogecoin (DOGE) Mask Up 10% After Appearing on Joe Rogan’s Podcast: Details

TL; DR

Following Elon Musk's recent comments, Dogecoin's comments on the “DOGE” government unit have been brought up significantly. Analysts speculate about DOGE's $1 potential, with some noting that a Trump victory could spark a sustained rally.

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The DOGE Rally

The cryptocurrency sector is small. in the RED Today (November 5), the global market capitalization decreased by more than 2% to $2.38 trillion (per CoinGecko data). Bitcoin (BTC) is currently trading at $68,500 (the same level seen 24 hours ago), while Ethereum (ETH) is down 1.7%.

One leading digital asset bucking the negative trend is Dogecoin (DOGE). of And Memcoin experienced a 10% price increase. Daily balanceIt has grown to about $0.17.

It can perform amazingly. It must be said. To Elon Musk Comments During a recent appearance on Joe Rogan's podcast. Tesla CEO Once again They spoke Establishment of Department of Government Efficiency (Doug) Donald Trump must win US Presidential elections.

This time, Musk released several more details, saying that the division aims to address the problem of a “massive federal bureaucracy that has been stifled” and rein in government spending that has gone through the roof over the years.

“Our interest payments on the national debt now exceed the budget of the Department of Defense. America is on the verge of bankruptcy, so we need to cut government spending, or we They just go. Just as if one spends too much, one goes bankrupt.”

Tesla boss A Huge A fan of Dogecoin and one of the most influential people who has publicly endorsed Trump for President. As such, it is conceivable that the final results of the elections may result in further price volatility for DOGE.

Is the $1 target plausible?

Many analysts have attributed DOGE's resurgence to further increases in the future. One of those who inserted the chip was X user Satoshi Flipper.

The trader believes that a Trump victory could lead to a Dogecoin price rally up to $1 due to constant potential interaction with the Department of Government Efficiency in the next four years.

#DOGECOIN/usdt Weekly $DOGE hoarders will be very happy when Musk and the US government post about the Department of Government Efficiency ( DOGE ) continuously for the next 4 years.

If Trump wins, $DOGE —> $1 pic.twitter.com/csowJCIOGA

— Satoshi Flipper (@SatoshiFlipper) November 4, 2024

Hitting the $1 milestone seems unlikely at the moment, given that the meme coin's market cap would need to increase to over $140 billion for this to happen. DOGE's capitalization stands at around $24.5 billion, but we must not forget that it exploded to over $90 billion in May 2021.