As anticipated Donald Trump, the now US President announced plans to establish a new “Department of Government Efficiency” (D.O.G.E), with tech magnate Elon Musk and entrepreneur Vivek Ramaswamy as the leaders.
The announcement of Trump’s proposed Department of Government Efficiency (D.O.G.E) had a significant impact on the Dogecoin memecoin (DOGE). Following the news, DOGE's price surged nearly 10%,を見せている.
Increased trading volumes signaled strong investor interest and traders' enthusiasm as the announcement sparked renewed market attention and↣ Dogecoin's momentum.
However, at the time of writing, DOGE’s price had decreased by 8.73% over the past 24 hours, as per CoinMarketCap. Despite this, Dogecoin’s weekly surge was noteworthy, with the memecoin soaring over 97%—marking the highest weekly gain DOGE has seen in months.]
This performance might be attributed to the traders' excitement over Trump’s announcement and the potential implications for government efficiency. Moreover, Dogecoin has been on an impressive uptrend in 2023, with the memecoin rallying over 1,400% year-to-date.]
With the recent surge, analysts speculated that Dogecoin could be eyeing the $2.40 price level next, and some remained optimistic about even higher targets if the market rally continues.]
Renowned crypto analyst Ali Martinez highlighted the development in a recent tweet.]
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