Elon Musk Asks Dogecoin Founder To Join DOGE, What’s Happening?

Highlights

Elon Musk offers Shebatoshi Nakamoto a potential role in DOGE (Department of Government Efficiency).
The recent DOGE lawsuits sparked contrasting speculations over the advisory panel's functioning.
Dogecoin price witnessed a 5% uptick on Tuesday amid a broader crypto market recovery.

Tesla and SpaceX lead Elon Musk again caused a crypto market stir on Tuesday, inviting the Dogecoin founder to join the Department of Government Efficiency (DOGE). Notably, the American billionaire and entrepreneur extended the offer on X, replying to Shebatoshi Nakamoto’s comments. In turn, market-wide speculations of Nakamoto joining the advisory panel have prevailed, with market watchers expecting a potential price impact on the DOGE token, given this feat happens. DOGE price was up by nearly 5% in the last 24 hours.

Elon Musk Invites Dogecoin Founder To Join DOGE

In a reply to Shibetoshi Nakamoto on X as of January 28, Elon Musk commented, “Wanna work at DOGE? Would be kinda perfect.” This statement rides the back of Nakamoto’s post, which stated, “ok I am officially unemployed, help.”

However, it’s worth mentioning that the post by Nakamoto was soon deleted. Nevertheless, Musk’s comments set off a tidal wave of speculation over the impact of such a feat within the Dogecoin market.

The Tesla & SpaceX lead is renowned for his massive influence on the top dog-themed meme coin mentioned above. Further, he is also the lead for the governmental advisory panel, DOGE, alongside V. Ramaswamy. In light of these aspects, bets of such a feat occurring aren’t rock bottom. However, it’s also worth noting that the governmental body faced lawsuits promptly after its inception.

Elon Musk’s DOGE Faces Lawsuits

CoinGape reported that the Department of Government Efficiency faced three lawsuits right after Donald Trump’s inauguration. This saga in turn presented Dogecoin with market turbulence.

However, Musk’s comments on the matter appear to have been sarcastic, thereby uplifting the market sentiment toward the meme token. Further, the American entrepreneur also ignited market optimism with his “DOGE to Mars” comment. Besides, recent reports also showed that Musk is exploring blockchain technology to increase the efficacy of the newly formed department that aims to cut US Federal spending.

Overall, these developments garnered significant attention toward the meme crypto as well as Elon Musk’s DOGE department, whilst the recent invitation to Shibetoshi Nakamoto builds further investor enthusiasm for the asset.

How Is DOGE Price Performing?

At the time of reporting, DOGE price witnessed a 5% increase in value and is currently trading at $0.3343. The coin’s intraday low and high were $0.3078 and $0.3386, respectively. It’s noteworthy that the current rising movement falls in line with the broader crypto market trend.

Further, a recent DOGE price analysis by CoinGape revealed that a $1 target looms for the token. This bullish anticipation is attributed to strong market technicals and historical trends.

Moreover, DOGE whales have bought heavily amid the recent market dip, adding buying pressure to the asset. Reportedly, nearly 500 million coins were bought, underscoring large-scale investors’ confidence in the asset.

Market watchers are highly optimistic, anticipating a Dogecoin price to pump and retest $0.4835, last year’s high. A bullish move above this level paves the way for reaching a 2021 high of $0.7373 and ultimately to $1. Meanwhile, Elon Musk’s comments continue to spark further speculations across the broader crypto community.

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Coingape Staff

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