Why Is Dogecoin Price Going Up Today?

Dogecoin price is on an unstoppable run fueled by multiple factors from Elon Musk’s Department of Government Efficiency (DOGE) proposal to a technical breakout in DOGE chart. As a result, crypto market participants’ speculate a rally in DOGE price to $1, as it skyrocketed by more than 42% this month.

Elon Musk’s DOGE Proposal Fuels Dogecoin Price

Elon Musk’s significant support to re-elect Donald Trump and his participation in rallies have boosted Trump’s odds of winning the 2024 presidential election. Trump’s win will direct the establishment of the Department of Government Efficiency (DOGE) in his administration, which may also cause Dogecoin price to hit $1.

Polymarket data shows Donald Trump’s odds of winning climbed to 67%, a 22% gap against Democrat Kamala Harris just ahead of the election. Trump’s support of Bitcoin and crypto regulation to bring a paradigm change in the crypto industry.

As CoinGape reported, Elon Musk predicted saving at least $2 trillion from the $6.5 trillion wasted by the Biden-Harris administration. Also, Musk’s repeated mentions of ‘DOGE’ has fueled the upside momentum in DOGE price today.

Moreover, Custodia Bank CEO Caitlin Long reacted and shared her recommendations to DOGE founding members Howard Lutnick and Musk. She also called for keeping an eye on federal employees and regulations terrorizing businesses like Custodia.

Multiple Factors Signals Bullish Target For DOGE

Popular crypto analyst Ali Martinez predicted another 25% gains for the meme coin in a Dogecoin price analysis. He said it is forming a flag and pole pattern on the charts, triggering a rally to at least $0.175.

Another popular analyst Rekt Capital predicted that DOGE can hit $0.2 in next year. Dogecoin has successfully retested the red level $0.14 as support and rallied towards the blue resistance $0.16.

DOGE price is currently trading at $0.1737, with a 24-hour high of 0.1792. The price has rallied 42% in a month as the coin noted an uptick as whales holding onto DOGE. The proposed Department of Government Efficiency (DOGE) and Trump’s promise to offer Musk a key position in his cabinet, has been fueling DOGE to $1 sentiment.

In the derivatives market, total DOGE futures skyrocketed another 6% after 28% a day earlier. This indicates massive demand among derivatives traders. As per Coinglass data, total DOGE futures OI rose above $1.40 billion amid the massive demand.