Elon Musk, the billionaire founder of Tesla and SpaceX, has once again drawn attention to the meme cryptocurrency Dogecoin (DOGE). Known for his unexpected endorsements, Musk recently mentioned Dogecoin in a unique way through his social media platform X, formerly known as Twitter.
In his latest post, Musk referenced the “Department of Government Efficiency,” a fictional agency he claims to be lobbying for and hopes to lead. Coincidentally, the agency’s acronym spells out DOGE.
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While the specifics of this imaginary department remain unclear and whether it will ever exist is still uncertain, some politicians have begun to back Musk’s concept. Regardless, Musk has once again subtly promoted Dogecoin to his nearly 200 million followers.
Dogecoin Price Shows Bullish Movement
Following Musk’s mention, Dogecoin’s price is showing promising signs. The meme coin has exhibited bullish behavior, with its price recovering from the previous day’s dip. As of the latest daily candle, Dogecoin managed to reclaim nearly all its earlier losses.
Since the beginning of the week, Dogecoin’s price has increased by 6.76%. Analysts are also observing the formation of a bullish falling wedge pattern on the Dogecoin chart, signaling a potential further upward movement.
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If the pattern holds, DOGE could potentially rise to $0.15, representing a 50% surge from its current level.
Source: CoinMarketCap
Musk’s Influence on DOGE
While it remains uncertain if Musk’s mention of Dogecoin will be the catalyst for the expected price increase, all signs appear favorable for a continued bullish trend.
With the meme coin continuing to gain traction and Musk’s subtle endorsements, investors are watching closely to see if DOGE can achieve its anticipated breakout.
