Dogecoin (DOGE) Rallies Sharply Following Donald Trump's "Crypto Strategic Reserve" Announcement

Although DOGE was not mentioned, the second-largest meme coin surged nearly 20%, closing at $0.24.

Former President Donald Trump's announcement of a U.S. “Crypto Strategic Reserve” had an interesting effect on the meme coin markets.

Although no mention of meme coins was made, the second-largest meme coin, Dogecoin (DOGE), saw a sharp rally on Sunday, closing at $0.24 after surging nearly 20%.

This followed a massive accumulation spree by whales, who reportedly bought 910 million DOGE in just 48 hours, according to popular crypto analyst Ali Martinez.

This followed a Friday report that whales were “buying the dip” by accumulating over 72 hours, clocking in at 530 million DOGE.

The latest interest in DOGE comes after a prolonged quiet period, especially since January 25, when the altcoin’s price began to decline, leading to a loss of investor enthusiasm and a decrease in whale activity.

However, the latest surge has seen renewed momentum, primarily driven by Elon Musk's involvement with the Department of Government Efficiency (DOGE). The agency's acronym, aligning with Dogecoin's name, has sparked fresh excitement, reminiscent of the November 2024 event when Trump announced the department and appointed Musk and Vivek Ramaswamy to key roles. This triggered a 15% price spike.

Speaking on The Joe Rogan Experience last week, Musk himself acknowledged the unexpected link between Dogecoin and the newly formed government agency.

“Doge started as a meme coin, right? A joke cryptocurrency with memes and dogs. But somehow, the letters just lined up perfectly. Originally, I was going to call it the Government Efficiency Commission, which is a very boring name. Then people online were like, ‘No, it needs to be the Department of Government Efficiency,’ and I was like, you know what? You’re right.”

Interestingly, the growing attention around DOGE and its unusual but high-profile connection to a government agency have fueled speculation that Dogecoin could also soon be considered for the crypto reserve—becoming the first meme coin to do so.

If that happens, expect Dogecoin's price and legitimacy to skyrocket, cementing its place not just as a joke but as a serious asset in the evolving digital economy.

But as the saying goes, "there's no time to lose."

With renewed interest and increasing whale activity, analysts are predicting further gains for the meme coin.

Analyst Kaleo shared a chart highlighting DOGE's breakout from a multi-month resistance trendline, where it now faces retesting this critical level.

“DOGE is currently sitting at resistance from the downtrend it has been stuck under for the past two months. I wouldn't be surprised if it takes a brief pause before breaking higher, but when it does, I expect the move up to be violent and much quicker than the move down.”

Meanwhile, another analyst, ByllifyX, pointed to a bullish flag formation, offering an even more aggressive outlook.

“Doge isn't just mooning, it's teleporting to another galaxy. $3+ soon. Stay bullish,” he added.

At press time, DOGE was trading at $0.17, reflecting a 1.19% surge in the past 24 hours.