Dogecoin Price Surge Fueled by Musk’s Latest Move

Oct 28, 2024

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Dogecoin has been surging again, thanks to none other than Elon Musk. This time, Musk gave a shout-out to the “Department of Government Efficiency” or , his new idea for cutting government spending. As soon as Musk mentioned this department at a recent Trump rally, Dogecoin saw a nearly 10% price boost. It wasn’t just any price hike—DOGE jumped past the $0.14 mark, a level it hasn’t seen for a while, creating a buzz among crypto fans who think $1 might be on the horizon. Musk’s influence on Dogecoin is no secret, and his followers didn’t hesitate to jump on this latest signal, sending DOGE prices soaring.

Custodia Bank Joins the Dogecoin Hype

Caitlin Long, CEO of Custodia Bank, also had some thoughts on Musk’s DOGE vision. After Musk’s announcement, she offered her support and suggestions for the Department of Government Efficiency. Long sees this as a chance for DOGE (and Dogecoin) to push for faster changes, especially with the government’s spending focus. She shared tips for tracking economic performance more accurately, encouraging Musk to move quickly before the political climate shifts. Long’s backing, along with Musk’s shout-out, is giving Dogecoin serious attention, pushing both the price and interest higher.

Dogecoin’s Golden Cross Signals More Growth

On the technical side, Dogecoin recently formed a “golden cross” pattern, a bullish indicator many traders watch for. This pattern, when the 50-day moving average crosses above the 200-day moving average, signals a potential shift from a downtrend to an uptrend. With the price already holding above key levels, including $0.14, this crossover could mean the rally isn’t over yet. If Dogecoin maintains this momentum, traders are eyeing the $0.15 to $0.17 range as potential targets for the next phase of the rally.

Elon Musk’s Influence on DOGE Price Never Gets Old

Musk’s influence on Dogecoin prices is legendary. This recent surge is just the latest in a string of price hikes linked to his endorsements. From Twitter hints to more overt support, Musk’s mentions of Dogecoin often result in price jumps. His latest initiative, DOGE, has reignited discussions and prompted more people to bet on Dogecoin’s price reaching new highs. Whether it’s tweets, partnerships, or just Musk’s branding, DOGE fans remain confident about its future.

Can Dogecoin Hit $1?

With all the recent attention, some Dogecoin believers are setting their sights high, hoping for that elusive $1 mark. Market trends, Musk’s ongoing support, and Custodia Bank’s backing are keeping the dream alive. However, breaking through resistance levels and sustaining new heights will be critical. For now, Dogecoin remains in the spotlight, and if these factors hold, the next few weeks could be telling for DOGE fans eager to see how far it can go.

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