Elon Musk-Led D.O.G.E. Department Sparks 11% Dogecoin Price Surge

On the 20th of January, Donald Trump officially resumed his role as the 47th President of the United States, ushering in a wave of unexpected

On the 20th of January, Donald Trump officially resumed his role as the 47th President of the United States, ushering in a wave of unexpected developments in the political and technological landscape. Among them was the appointment of Elon Musk to lead the newly established Department of Government Efficiency (D.O.G.E.), which immediately caught the attention of both tech enthusiasts and the crypto community.

Just a day after its inception, D.O.G.E. unveiled its official website, featuring the iconic Dogecoin [DOGE] logo as its emblem. This sparked a lot of excitement in the DOGE community, propelling Dogecoin’s price by 11% to reach $0.38.

However, this spike was short-lived as market volatility soon followed, and DOGE was once again trading at $0.3161 after a 24-hour dip of 11.27%, as per the latest CoinMarketCap update.

That being said, Dogecoin has shown some signs of recovery, displaying notable upward movement in the past day. Per CoinMarketCap, the leading memecoin continued to maintain its position as a favorite among investors, upheld by the ongoing bull season and strong community optimism, with nearly 90% expressing confidence in future price growth.

Adding to the excitement, renowned crypto analyst Ali Martinez has made a bold forecast, predicting that Dogecoin could potentially achieve an extraordinary 10,000% price surge.

In a recent post on X, Martinez shared a positive analysis of Dogecoin based on historical price data and said,

“During the 2021 bull cycle, #Dogecoin $DOGE skyrocketed by over 10,000% in just 98 days.”

The crypto analyst suggests that if DOGE can replicate such bullish momentum, it could potentially reach $14.78 by May 2025.

Source: Ali/X

Due to the inflationary structure of DOGE’s tokenomics, 5 billion new coins enter circulation each year, thus, the value of each DOGE faces constant devaluation.

For Dogecoin to achieve a price of $3.85, it would require an extraordinary market cap of $560 billion to counterbalance the continuous increase in supply.

A crypto analyst with X username Kev_Capita_TA noted on X,

Source: Kevin/X

Despite the optimism, the Relative Strength Index (RSI) signals that bearish forces currently dominate the market. However, the expanding Bollinger Bands suggest heightened price volatility, hinting at a potential shift toward bullish momentum.

If DOGE manages to break through the critical resistance level of $0.33142, it could pave the way for a bullish reversal, providing the memecoin to regain upward momentum.

Source: Trading View