Dogecoin (DOGE) Price Remains Critically Eyed by Traders and Investors as Elon Musk Prepares to Exit His Government Role

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.

Elon Musk is reportedly aiming to step down from his Department of Government Efficiency (D.O.G.E) head function later this year. The move comes amid a humiliating turn in politics for the American billionaire.

According to a recent report by the Washington Post, the Tesla & SpaceX CEO has faced quite the setback since joining the agency.

Indeed, several federal agencies have scrutinized the new advisory panel, which began with Donald Trump’s presidency earlier this year. Among them was Sen Elizabeth Warren, who introduced a new bill to dismantle the administration’s steps in creating the SGE.

However, the news reports have asserted that the chances of a long-term negative impact are minimal. After all, the heating up of speculations over Elon Musk’s D.O.G.E role exit is in response to a broader market recovery.

Elon Musk Readies For D.O.G.E Exit As Crypto Token Remains In Turbulent Waters

After joining V. Ramaswamy as D.O.G.E’s lead, the American billionaire has been focused on cutting government waste and boosting efficiency. In total, the agency has helped the U.S. Government save billions of dollars to date.

But, the agency has faced criticism since its beginning, especially from members of the Democratic Party, who have accused the panel of being a “scam.”

The crypto analyst predicts that the dog-themed meme coin is setting up for a massive bullish wave shortly. According to ZAYK Charts, Dogecoin price is forming a ‘falling wedge breakout’ pattern within the 1-day time frame.

This pattern is known for signaling a trend reversal from downtrend to uptrend. Now, market watchers are eagerly awaiting to see how the meme coin will react next.

Dogecoin token’s price is currently trading at $0.1638, up slightly more 1% intraday and up 2.5% weekly due to broader recovery trends.