Dogecoin Price Faces Risk As Elon Musk Eyes D.O.G.E. Exit Soon
Highlights
- Crypto market watchers are cautious about Dogecoin price as Elon Musk readies for his D.O.G.E step down.
- Although short-term volatility may be witnessed, broader prospects remain stable.
- DOGE price is up 2% over the week, with a market analyst predicting a rally despite Musk's exit news.
Dogecoin price remains critically eyed by traders and investors globally as Elon Musk, a billionaire with high influence on the meme coin, is gearing up for his government role exit. Reportedly, the Tesla & SpaceX lead is aiming to step down from his D.O.G.E. (Department of Government Efficiency) head function. As a result, market-wide speculations over a negative impact on DOGE price prevail at the moment.
However, is the bearish feat really possible? Let’s delve into what the current market dynamics have to say.
Elon Musk Readies For D.O.G.E Exit; Dogecoin Price In Turbulent Waters?
According to a recent report from the Washington Post, billionaire Elon Musk is eyeing his D.O.G.E head role exit by later this year. This news has rattled DOGE investors, who once were highly bullish on the asset’s price primarily due to Musk leading a federal agency.
The Tesla & SpaceX CEO stood up as D.O.G.E’s lead alongside V. Ramaswamy under Donald Trump’s presidency this year. However, the American billionaire has faced quite a setback ever since, with him even eyeing an exit after a humiliating turn in politics.
Despite aiding the U.S. Government in saving billions to date, many federal agencies have scrutinized the new advisory panel under Trump. CoinGape recently reported that Sen Elizabeth Warren introduced a new bill, primarily to crack down on Musk’s SGE role. Collectively, these chronicles have underlined that it is only a matter of time before the American billionaire exits his federal role.
The direct impact of this news remains somewhat bearish for the meme crypto’s watchers. As the Tesla CEO is poised to step down from his govt. role, the hype surrounding a federal agency named after a meme token is also expected to fade away, given Musk’s massive influence over the coin.
In turn, traders and investors could panic sell, bringing short-term volatility to the price. However, the chances of a long-term negative impact remain negligible, global reports have asserted. DOGE token’s price is currently trading at $0.1638, up slightly over 1% intraday and up 2.5% weekly due to broader recovery trends.
Crypto Analyst Remains Bullish Despite Musk’s Exit News
Besides, a crypto analyst has recently forecasted a bullish outlook for the dog-themed meme coin despite the abovementioned news triggering concerns. Analyst ZAYK Charts has predicted that the meme coin’s price is readying for a massive bullish wave shortly ahead.
As per the analyst, Dogecoin price is forming a ‘falling wedge breakout” pattern within the 1-day time frame. This pattern is primarily a bullish formation that signals a trend reversal from downtrend to uptrend looms. Now, market watchers are left speculating about the meme coin’s future price action amid uncertain news and bullish predictions.
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