Coinspeaker Dogecoin Eyes New High at $2.4 as Elon Musk’s D.O.G.E Fuels Open Interest
Traders and investors look forward to a potential price rally for canine-themed meme coin Dogecoin DOGE $0.40 24h volatility: 3.2% Market cap: $59.55 B Vol. 24h: $11.11 B . This coin is predicted to go as high as $2.4, reaching a 515.38% increase from its current price level. DOGE is trading at $0.3901 after registering a 1.8% increase in the last 24 hours.
Apart from its market cap, which has increased to $58.91 billion in under 24 hours, DOGE’s trading volume is up by 4.51%. According to CoinGlass data, Dogecoin Futures Open Interest has increased by nearly 9%, indicating strong market confidence.
Dogecoin Heading Towards the Great Banana Rotation
Markedly, the optimism towards the meme coin stems from the attention it is getting in recent times. Recently, Real Vision CEO and Founder Raoul Pal took to X to state that Dogecoin is likely gearing up for a rally ahead.
“I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too,” the prominent Pal wrote on X.
Before now, the Real Vision CEO had explained the Banana Zone, emphasizing the importance of core allocations in top-tier assets like Bitcoin, Ethereum, and Solana. As a result, he advised investors to stash 90% of their portfolio in solid assets like BTC, ETH, and other altcoins. This leaves only 10% for riskier plays like meme coins.
At the same time, Pal is skeptical about overtrading and leverage. Hence, he urged investors to protect their assets and investments. His prediction gives DOGE holders confidence in an impending price rally and the future performance of the meme coin.
Musk And Ramaswamy on D.O.G.E Project
The projection coincides with the time that Tesla CEO and X owner Elon Musk shared new developments to enhance the efficacy of the Department of Government Efficiency (D.O.G.E.).
This is a project that Musk and Vivek Ramaswamy now head after being appointed by Donald Trump. The news of their appointment sparked optimism in the market.
For the most significant, Musk has remained an integral part of DOGE, with his comments on X consistently triggering a spike in the price. With Ramaswamy, the billionaire plans to reduce government spending overall. A recent WSJ report highlighted their intention to end the remote work culture at the federal office. This is geared towards trimming the government spending.
Both individuals believe that ending the remote work culture would cause mass resignation, which would help them achieve their goal of establishing a small but efficient government. Apart from Musk’s involvement, the resemblance of the Department’s name (D.O.G.E) to the Dogecoin ticker is another fuel for the coin’s potential price rally.
To cement this talks about a potential increase in price, recent on-chain metrics and other market trends also indicate that Dogecoin is positioned to continue its parabolic run ahead alongside SHIB and other meme coins. Ali Martinez, popularly known as ali_charts on X, shared a bullish forecast for DOGE price amidst growing whale activity.
These signals indicate that the digital currency is poised to rally ahead.
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Dogecoin Eyes New High at $2.4 as Elon Musk’s D.O.G.E Fuels Open Interest
