Why Dogecoin is on the rise today.
Dogecoin (Crypto: Doge) Despite a backdrop of drag for the broader crypto market, it is rising on Tuesday. The price of the popular meme coin token increased by 3 percent in the last 24 hours as of 11:40 am. BitcoinPrice decreased by 0.9%, and the price Ethereum It was down 1.6 percent.
Yesterday, in conjunction with President Trump’s inauguration, the Department of Government Efficiency (DOGE) launched its website. While the Government Advisory Commission is not directly related to the Dogecoin cryptocurrency, the new website features the Dogecoin logo.
Dogecoin investors are getting a pleasant surprise with the new government efficiency website. The Advisory Commission is being led. Tesla CEO Elon Musk has been a longtime supporter Same corner.
The name Department of Government Efficiency was likely chosen by Moose because the acronym is similar to Dogecoin’s crypto ticker symbol. The tech leader leans into the meme culture surrounding the crypto-crypto, and including its logo for a new advisory commission under the Trump administration appears to be the latest message of support.
Along with macroeconomic trends and other dynamics shaping the broader cryptocurrency, refs and support signals are the biggest price drivers for Dogecoin. The CEO has repeatedly shown that his comments and actions can have a significant impact on the crypto market, and Dogecoin in particular, and that this will continue in the future.
Some investors hope that Dogecoin will be included in the new payment system being launched by X — the social media platform formerly known as Twitter, owned and operated by Mus. Given the repeated signs that the CEO is pro-cryptocurrency, it’s not unreasonable to think that Dogecoin will be integrated into X’s upcoming payment network. If this happens, it can be a significant bullish stimulus for the cause.
On the other hand, Dogecoin’s pricing outlook is highly speculative, and investors should approach the token with the understanding that it is a risky bet. Dogecoin may continue to rally if the crypto bull market continues – but there are no guarantees on that front.
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