Altcoin
Can Dogecoin Price Rally 900% As Elon Musk’s DOGE Targets $36T US Debt?
Dogecoin price remains much-eyed by traders as broader market developments are fueling substantial optimism toward the meme token. For context, Elon Musk’s DOGE advisory panel achieved a monumental financial feat, targeting the $36 trillion U.S. national debt crisis. On the other hand, speculations over a potential Dogecoin ETF launch in 2025 have also soared recently with recent filings and pro-crypto sentiment under Trump’s Presidency.
As a result, investor sentiments surrounding the dog-themed meme token remain highly bullish despite the looming FOMC, with a top crypto analyst further predicting that a 900% price surge awaits.
Crypto Analyst Forecasts 900% Gains For Dogecoin Price
In an X post by Ali Martinez on January 29, the crypto analyst reflected a highly bullish sentiment on Dogecoin price, citing historical trends. As per the analyst, the token that traders shouldn’t bet against is DOGE as it “could surge nearly 900% in just 48 hours, as it did back in 2021.”
This statement has ignited a torrent of discussions, coming contrary to the current market trend ahead of the U.S. FOMC. The crypto market faces pressure, with market consensus showing expectations of unchanged interest rates prevailing.
As a response, DOGE price today traded down nearly 1% and stood at $0.3316. Nevertheless, broader developments revolving around Elon Musk and a potential looming ETF for the meme-themed asset continue to project bullishness on future price movements.
Musk’s DOGE Cuts Daily Federal Govt. Spending By $1B
Elon Musk’s Department of Government Efficiency recently achieved a remarkable financial feat. Per an official X post by the advisory panel, DOGE is aiding the Federal Government by saving approximately $1 billion a day.
Notably, by freezing non-essential hires, eliminating DEI programs, and cracking down on improper payments abroad, this maneuver could bring $365 billion worth of savings annually. Further, the advisory panel’s post revealed that it aims to push this amount to $3 billion per day. This feat could further aid in tackling the current $36.22 trillion U.S. debt crisis.
In a recent X post, Musk stated that “it is crucial to take action,” reiterating the debt issue. Overall, these developments gained significant traction whilst also bringing enthusiasm toward Dogecoin price, given the Tesla & SpaceX lead’s massive influence over the token. Simultaneously, the ticker of the meme coin also resembles the department’s acronym, which has further ignited the market discussions.
Dogecoin ETF Filing Weighs Further Optimism
The recent S-1 filing for a DOGE ETF has tilted the scales towards the bullish side for the meme token. CoinGape reported that Bitwise filed for Dogecoin ETF with the U.S. SEC, which has gained massive traction from the market watchers. As a result, investors’ sentiments are brimming with optimism in light of a potential approval ahead.
It’s also worth mentioning that with anti-crypto Gary Gensler’s exit from the regulatory body, chances of approval continue to soar. Given this feat is achieved ahead, Dogecoin price could witness a remarkable rally. Besides, Elon Musk’s DOGE advancements could also spark the 900% rally in the meme coin’s price, as hinted by Ali Martinez.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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