Dogecoin Price May Hit $0.6 As Elon Musk Reveals DOGE Target

Dogecoin price has been on the traders’ radar lately, despite it hovering near the flatline today. Notably, market focus has also shifted as tech mogul Elon Musk recently revealed an ambitious target of the Department of Government Efficiency (D.O.G.E.), sparking widespread discussions. Amid this, a top market expert predicts a potential DOGE rally to $0.6, signaling a strong rally for the meme coin ahead.

Dogecoin Price Slips But Expert Remains Bullish

Dogecoin price traded in the red today but hovered near the flatline at $0.3281. Its one-day trading volume fell 35% to $1.27 billion. Notably, the crypto rested between the $0.3381 and $0.3258 mark over the last 24 hours. Furthermore, DOGE Futures Open Interest was also down 1.2%, reflecting the cautious sentiment in the market.

However, despite that, a top market expert remained bullish on Dogecoin. In a recent X post, renowned market analyst Rose Premium Signals forecasted a significant Dogecoin price surge. According to the post, DOGE is poised for a strong reversal after testing Fibonacci support zones.

The expert predicts that a confirmed bounce from the current level could propel DOGE towards three potential targets: $0.49784, $0.58185, and $0.66228. This would mark a substantial rally, with the top target representing a nearly 100% increase from current prices.

Besides, Rose Premium Signals notes that historical patterns suggest DOGE may be setting up for another explosive rally, echoing the cryptocurrency’s reputation for volatility. Notably, in an earlier forecast, another market expert hinted towards a potential DOGE rally by 900%, which has also gained notable traction from investors.

On the other hand, Elon Musk, an active backer of the meme coin, has recently shared targets for D.O.G.E., which has further fueled market discussions.

Elon Musk Shares DOGE Target

Elon Musk has recently shared ambitious targets for his Department of Government Efficiency, aiming to reduce the US federal deficit from $2 trillion to $1 trillion by 2026. The proposal involves cutting an average of $4 billion per day in projected spending.

While the plan focuses on curbing inflation, it has inadvertently sparked optimism among Dogecoin investors. The reason lies in the acronym of the department, “D.O.G.E.,” which bears a striking resemblance to the meme coin’s ticker symbol.

How Will Musk’s Plan Impact Dogecoin Price?

Elon Musk’s affinity for Dogecoin is well-documented, with his previous social media posts often influencing the coin’s price. As a result, any developments related to the department are likely to impact investor sentiment and, subsequently, the price of Dogecoin.

However, it’s worth noting that the connection between the department’s targets and Dogecoin’s price may seem tenuous. But Elon Musk’s involvement ensures that investors will be watching closely for any potential impact on the meme coin’s value. Simultaneously, Musk has recently asked Dogecoin founder to join the Department of Government Efficiency (D.O.G.E.), which has further sparked market speculations.

For context, as Elon Musk’s X Money recently partnered with Visa, fueling its launch speculations, Dogecoin price rallied. A flurry of investors anticipates a potential integration of Dogecoin, Bitcoin, or other cryptocurrencies to X money, given the soaring popularity of digital assets under Donald Trump.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.