On Tuesday, President Donald Trump signed an executive order establishing the Department of Government Efficiency (DOGE), a significant initiative to
Dogecoin experienced a brief surge in buying interest after the launch of the Department of Government Efficiency (DOGE) website, which sparked rumors of a connection to the cryptocurrency.
However, officials, including Elon Musk, have not confirmed any formal ties between Dogecoin and the newly formed department. Despite the rumors, Dogecoin's price rose by 5.2% within 24 hours of the announcement.
As traders awaited further clarification on the links between Dogecoin and the department, the initial buying momentum subsided. Some existing holders also opted for a typical “sell-the-news” strategy, taking profits instead of holding onto their investments.
Moreover, market sentiment around Dogecoin was influenced by the recent departure of Vivek Ramaswamy, who stepped down from his role in the cryptocurrency sector to focus on his campaign for governor of Ohio.
Despite these challenges, the broader meme coin market remained resilient. New tokens such as $TRUMP and $MELANIA have attracted considerable interest, offering a glimmer of hope for $DOGE holders.
If key support levels are maintained, Dogecoin may extend its gains in the coming days as market participants remain engaged in the memecoin sector. Current price action suggests a potential bullish breakout near $0.40.
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