The speculations of Pal have given confidence to the DOGE holders that it will continue to perform positively in the future.
Other than this, the abbreviation of the department of government efficiency is also similar to the ticker of Dogecoin, which has also boosted a rally in the price of crypto.
Musk and Ramaswamy have sketched a layout to enhance the efficacy of the department of government efficiency. They will also put an end to the remort work culture at the federal office, in order to cut the government spending.
The performance of Dogecoin has attracted the attention of many traders towards it. The Chief executive officer and founder of Real Vision, Raoul Pal posted on X and said that Dogecoin is probably getting ready for a rally in the coming days.
The upward trajectory in the price is also a result of new developments related to the Department of Government Efficiency (D.O.G.E) as recently shared by Elon Musk. The traders are showing an increased interest in the leading memecoin.
In the X post, Pal further went on to say that Dogecoin is in the “Great Banana Rotation” accompanied by SUI. At the same time, Pal has so far explained the Banana Zone, highlighting the significance of the main allocation in some leading assets such as Bitcoin, Ethereum, and Solana.
Advice to the investors
He has also given advice to investors to put 90% of their portfolio in solid assets and leading altcoins and at the same time they can put 10% to risk in investing in memecoins. Although, he is strictly against overtrading and leverage, and has highlighted the need to safeguard investments.
The speculations of Pal have given confidence to the DOGE holders that it will continue to perform positively in the future.
It is noteworthy that Donald Trump has appointed Elon Musk and Vivek Ramaswamy as a position of the head to the Department, often abbreviated as D.O.G.E. And, the price rally of DOGE has also come amid Elon Musk giving priority to enhancing the efficacy of the Department.
Other than this, the abbreviation of the department is also similar to the ticker of Dogecoin, which has also boosted a rally in the price of crypto. Adding more to this, Musk has supported DOGE as can be clearly seen through its previous social media posts, which has also attracted many traders.
Future plans of Musk and Ramaswamy
Musk and Ramaswamy have sketched a layout to enhance the efficacy of the department of government efficiency. Recently, WSJ reported that they have plans to put an end to the remort work culture at the federal office, in order to cut the government spending.
Both executives believe that putting an end to the remote work culture will lead to many resignations, which will eventually help them in having a small but efficient government.
CoinMarketCap, the price tracking platform for cryptocurrency reported that, As of November 22, the price was up over 2% and DOGE was trading at $0.38, at the time of writing. At the same time, the one-day trading volume was at around $8.60 billion. It is noteworthy that the token was at its 24-hour high and stood at $0.3996.
