DOGE Token Rallies 50% After Musk's Meme Prompts Viral Interest

The Department of Government Efficiency token is named after Elon Musk, who recently became the head of a government agency under the same name.

A new meme coin, named after Elon Musk’s government agency, has skyrocketed by 50% in the last 24 hours.

The Department of Government Efficiency (DOGE) coin was created after Musk became the head of an agency with the same name.

Due to its abbreviation, this agency went viral in crypto circles and inspired the DOGE token.

The coin hit its all-time high of $0.515 on November 13 before sharply pulling back.

But interest reignited in the past 24 hours, with DOGE surging 50% to $0.146 after Musk posted a Doge-themed meme on X (formerly Twitter).

The token’s rally has pushed spot trading volumes up 150% to $13.6 million, making DOGE one of the top-performing meme coins in the past 24 hours.

However, its reach remains limited.

It’s not yet listed on major exchanges like Binance or Coinbase, meaning traders can only access it on Uniswap or smaller CEXs like MEXC.

DOGE’s price chart is showing promising signs.

The coin broke out of a descending channel yesterday that had been capping its price.

It also rejected a key support level of around $0.09, which helped the price push above the 50-period EMA on the 4-hour chart.

Buyers are gaining momentum, and DOGE looks primed to notch its second green daily close in a row.

That would be something it hasn’t done since December 3.

Breakouts like this often lead to a full retrace to the channel’s starting point, which for DOGE sits around $0.23.

That would represent a 65% gain from here.

There could be more reasons for optimism since DOGE’s modest $136 million market cap leaves room for bigger moves.

With major CEX listings still a possibility, a 5-10x rally isn’t off the table.

However, smaller meme coins are known for their wild price swings.

Timing the market is tricky, so it’s important to stay cautious and only risk what you’re comfortable losing.