Can Dogecoin Price Reach To $2.4? Donald Trump Names Elon Musk and Ramaswamy Heads of D.O.G.E

Last updated:11/14/2024

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The price of Dogecoin rises as Donald Trump names Vivek Ramaswamy and Elon Musk to head the Department of Government Efficiency (DOGE).

Key Takeaways:

The goal of the new DOGE department, led by Elon Musk and Ramaswamy, is to streamline the US government by 2026.
Following Trump’s announcement of the Government Efficiency Department, Dogecoin surges 10%.
As cryptocurrency analysts forecast a price objective of up to $18, speculation about the Dogecoin ETF increases.

Elon Musk, the CEO of Tesla, and Vivek Ramaswamy will head the newly established Department of Government Efficiency, or “DOGE,” according to US President Donald Trump. In line with Trump’s “Save America” campaign, this programme aims to streamline government processes and cut down on bureaucratic waste while also promising to change federal spending and regulatory procedures.

Due to heightened interest in the cryptocurrency market, Dogecoin (DOGE) saw a spike in trade after the news, and analysts predicted that its value would continue to rise.

President Trump Names Elon Musk and Vivek Ramaswamy as Directors of D.O.G.E.

As stated by US President Donald Trump, the Department of Government Efficiency (D.O.G.E.) will prioritise the reduction of superfluous regulations, the elimination of wasted spending, and the reorganisation of federal agencies.

Along with the White House and the Office of Management and Budget (OMB), Elon Musk and Ramaswamy will spearhead this initiative from outside the federal government in order to push for extensive reform. To emphasise the ambitious nature of the programme, Trump compared it to “The Manhattan Project” of modern government.

The DOGE programme is being promoted as a patriotic effort to increase transparency and efficiency in government, with the goal of making the federal system more attentive to “We the People.” For the United States’ 250th anniversary on July 4, 2026, Trump is certain that this initiative would produce a “leaner” and “more accountable” government.

When asked about the impact of the revelation, Elon Musk, CEO of Tesla, said it would cause “shockwaves through the system.”

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Will the Dogecoin Price Rally Following the Announcement of DOGE?

Dogecoin had an unanticipated surge in value after the launch of the DOGE venture. The meme-inspired cryptocurrency Dogecoin saw a price surge of over 10% and an increase in trading volume as investors rekindled their interest.

Now, cryptocurrency experts are projecting that Dogecoin might hit $2.40, and if the current trend keeps up, even higher goals are in the cards.

Popular cryptocurrency market analyst Ali Martinez has expressed optimism in Dogecoin, predicting that its value might reach $2.40 if present trends continue. Martinez elaborated by saying that if institutional interest in meme coins increases, the price might go even higher—with a hypothetical goal of $18. The Dogecoin community is really excited about this optimism, particularly because the price of other meme coins has also been going up recently.

Interest Ignites Amid Speculation Over A Possible DOGE ETF

One factor that has contributed to Dogecoin’s recent upswing is the speculation about the possibility of an exchange-traded fund (ETF) for the cryptocurrency. Given the recent ETF applications for other cryptocurrencies, Bloomberg senior ETF analyst Eric Balchunas has speculated that Dogecoin could be the next cryptocurrency to receive the ETF treatment.

Fans of the cryptocurrency are hopeful that its approval will increase the digital currency’s adoption, but there is yet no official application for a DOGE ETF.

Since an exchange-traded fund (ETF) would make Dogecoin more accessible to institutional investors, the prospect of its creation has been well-received. This is seen by many in the cryptocurrency community as a crucial component in Dogecoin’s chances of surpassing its prior all-time high.

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