Investing.com – Although the price has corrected from yesterday's highs, it remains up more than 100% week-over-week. However, news that has just broken could fuel an even bigger rally in DOGE…
President-elect Donald Trump indeed announced Tuesday evening that Elon Musk and Vivek Ramaswamy would lead the Department Of Government Efficiency, a department aimed at streamlining government agencies and reducing bureaucracy, and therefore the acronym DOGE is clearly a nod to take a look at the most famous meme-corner.
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Trump said DOGE could become the “Manhattan Project of our time,” and said the agency “will dismantle government bureaucracy, remove excessive regulations, cut wasteful spending, and restructure federal agencies,” in a statement .
Trump provides details on DOGE
The president-elect said the agency would work outside of government and in partnership with the White House to implement structural reforms across government and “create an entrepreneurial approach to government.”
Mr. Trump has made improving government efficiency one of his campaign promises, pledging to phase out what he considers unnecessary regulations while cutting staff at several agencies to reduce public spending. Trump also declared that DOGE would complete its work “no later than July 4, 2026.”
Remember that this project for a new government agency had already started to support Dogecoin during the presidential campaign, the meme-coin having taken off at each mention.
The hope of seeing Elon Musk, one of Dogecoin's biggest fans, lead this department, then fueled the rise in DOGE following Trump's election.
Dogecoin ETFs, soon a reality?
The nomination of Musk by Trump last night therefore mainly acts as a confirmation, which explains the lack of immediate reaction from the meme-corner. However, this also creates the ideal conditions for Dogecoin to continue to rise in the medium and long term.
In particular, the arrival of Elon Musk in the Trump government significantly increases the probability that Dogecoin ETFs will see the light of day quickly.
In this regard, it should be noted that the famous Bloomberg ETF specialist, Eric Balchunas, estimated during an interview with Decrypt yesterday that this was not excluded.
$1 Key Target Becomes Realistic for Dogecoin
From a graphical point of view, it will be recalled that DOGE peaked at $0.4364 on Tuesday, before quickly correcting below the $0.40 threshold and reaching $0.3850 this Wednesday morning.
As for important thresholds, $0.40 and $0.50 are the first potential resistances, before the May 2021 all-time high at $0.7264, and finally the $1 threshold.
Note that this key threshold of $1 is located at 160% of the current price, which is exactly the performance of DOGE between November 6 and 12. Although appearing ambitious, this objective does not seem that unrealistic given the current euphoric atmosphere…
