Dogecoin (DOGE), the beloved meme-inspired cryptocurrency, has defied gravity, soaring over 29% in the last 24 hours. This dramatic surge comes amidst a whirlwind of speculation surrounding a potential “Department of Government Efficiency” led by none other than Elon Musk under President-elect Donald Trump.
The crypto community is buzzing with excitement, with DOGE enthusiasts hoping for a ‘DOGE department’ spearheaded by Musk, who has openly championed the cryptocurrency in the past. The department, envisioned as a way to streamline government processes and reduce excessive regulations, has sparked a frenzy within the cryptosphere.
This optimism has propelled DOGE to the sixth largest cryptocurrency by market capitalization, solidifying its position among the crypto elite. The token’s trading volume has also seen a remarkable spike, increasing by 220% in the past 24 hours, placing it as the fourth-most traded cryptocurrency during that period.
The rally has continued throughout the week, boosting DOGE’s weekly gains to an impressive 93%, making it the top-performing large-cap digital asset during the election week.
While the existence of the DOGE department remains unconfirmed, the potential is enough to send the crypto world into a frenzy. Influential cryptocurrency analyst Ali Martinez has predicted DOGE to go “parabolic”, potentially hitting a price range of $3.95 to $23.26.
Whether this is the beginning of DOGE’s next parabolic run remains to be seen. However, one thing is certain: the cryptocurrency is gaining momentum, fueled by a combination of speculation, community enthusiasm, and a dash of Elon Musk magic.
