Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Elon Musk, one of the richest people on Earth and founder of Tesla and SpaceX, once again recently mentioned major popular meme cryptocurrency Dogecoin (DOGE). And once again, he did it in an unusual manner.
Thus, in the latest post in his own social network X, formerly known as Twitter, he once again mentioned the "Department Of Government Efficiency" - a fictitious government department that Musk is supposedly lobbying for and plans to head; coincidentally, it transforms into the acronym DOGE.
Arman ShirinyanWhat this authority will do is not yet clear, as well as not being clear whether it will ever exist at all, although some politicians have already begun to support Musk's idea. One thing that is certain is that the billionaire has once again advertised DOGE, albeit in a pretty nonobvious manner, to his audience of almost 200 million.
Dogecoin (DOGE) price goes up
At the same time, the price of the Dogecoin meme itself continues to show relatively bullish dynamics. Thus, since the beginning of the new daily candle, the previous day's decline was almost completely bought out.
Moreover, since the beginning of the week, the price of DOGE has already added 6.76% and seems to be actually executing the very bullish falling wedge pattern, identified on its chart a few days earlier.
If the pattern is completed in full, Dogecoin could be waiting for a “flight” to $0.15 per DOGE, which would mean a 50% gain from current values.
Gamza KhanzadaevWill Musk's mention of DOGE help fulfill that goal? It iss an open question, but so far all the ingredients seem to be adding up to the right recipe.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team