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Dogecoin To $2 As Elon Musk and Vivek Ramaswamy Proposes DOGE Reforms
Elon Musk and Vivek Ramaswamy will meet with Republican House and Senate members next week, revealed House Speaker Mike Johnson. The Department Of Government Efficiency (DOGE) will propose key proposals to reform government regulations and agencies. Dogecoin price awaiting a breakout to $1 and further could witness a massive rally.
DOGE Lead Elon Musk and Vivek Ramaswamy Capitol Hill Visit
Elon Musk and Vivek Ramaswamy are heading to Capitol Hill next week to present key reform proposals of the Department of Government Efficiency (DOGE).
House Speaker Mike Johnson confirmed that Musk and Ramaswamy will meet Republican House and Senate members on December 5. Republican Party won the majority in both chambers of the US Congress in elections. The crypto industry supported Donald Trump and the candidates, triggering a BTC rally toward $100K and Dogecoin price to hit 3-year high.
Trump said DOGE will pave the way for the administration to dismantle governmental bureaucracy, slack excess regulations, cut expenditures, restructure federal agencies and more.
Elon Musk posted on November 30 about how the Biden administration impacted economic and business growth. Vivek Ramaswamy and Musk slammed the government as people and businesses were ‘debanked’ forcibly. Crypto executives including David Marcus, who led Facebook’s Libra project, revealed how the government politically killed Diem stablecoin.
TLDR; The government is Harvey Weinstein. The #metoo floodgates are open and the stories are pouring out. It’s 100x worse than any of us knew. We’ve been silent for too long, afraid of the consequences of speaking out. If you don’t understand the vote, you’re privileged. Listen. https://t.co/6ESlE8X6zM
— Jesse Powell (@jespow) November 30, 2024
Analysts Predict Dogecoin Rally to $2
Dogecoin rallied massively as President-elect Trump and Elon Musk promised major governmental transition and crypto-friendly regulations.
DOGE price jumped 6% in the past 24 hours, with the price currently trading at $0.42. The 24-hour low and high are $0.400 and $0.437, respectively. Furthermore, the trading volume has increased by over 80% in the last 24 hours, indicating massive interest among traders.
In the derivatives market, total Dogecoin future open interest climbed 6% in 4 hours and 15% in 24 hours, per Coinglass data. The 8.85 billion DOGE futures OI are now valued at $3.80 billion, signals support for a further upside move.
Analyst Bluntz Capital predicted a 420% upside for Dogecoin price to $2.2. He added that $1 will hit soon as DOGE/BTC pair chart targets massive rally.
Rekt Capital, one of the top analysts, said Dogecoin price chart formed an ‘ascending triangle’ pattern on the daily chart. This means the meme coin could enjoy another round of money flow.
He added that DOGE needs to close the week above $0.43 to confirm a breakout to $1. Notably, DOGE is already forming a ‘golden cross’ on the 4-hour chart, which could trigger a rally to $2.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
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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