House leader Johnson recently revealed that Musk and Ramaswamy will visit Capitol Hill next week to discuss major issues with Republican members of the House and Senate.
The main purpose of their trip was to propose a series of key proposals on behalf of the emerging Ministry of Government Efficiency aimed at reforming government regulations and institutional structures.
This series of measures has undoubtedly paved a promising path for the future development of DOGE. The market generally expects that its price will be able to break through the $1 mark in one fell swoop and start a new round of soaring prices.
Musk and Ramaswamy's visit to Capitol Hill undoubtedly gave the Dogecoin market a shot in the arm. In just 24 hours, the price of Dogecoin soared by 6%, and the trading price was stable around $0.42.
During the period, the lowest and highest trading prices reached US$0.4 and US$0.437 respectively. The market was active and the trading volume surged by more than 80%, which shows everyone's enthusiastic response and strong interest in this news.
In the derivatives market, Dogecoin futures also showed strong growth momentum. According to Coinglass data, the total open interest of Dogecoin futures increased by 6% in just 4 hours and soared by 15% in 24 hours.
Currently, there are about 8.85 billion Dogecoin futures contracts open, with a total value of up to US$3.8 billion. This data undoubtedly provides solid support for the further increase in the price of Dogecoin.
Bluntz Capital is confident in the future of Dogecoin, and he boldly predicts that the price of Dogecoin will soar by 420%, approaching the high of $2.2. He further pointed out that as the DOGE/BTC trading pair chart continues to climb, the price of Dogecoin will soon reach the psychological barrier of $1.
Rekt Capital provided strong evidence for the rise of Dogecoin from a technical perspective. He observed that the Dogecoin price chart formed a typical ascending triangle pattern on the daily chart, which usually indicates that the asset will usher in a new round of capital inflows and price increases.
He emphasized that if Dogecoin can close at a price above $0.43, it will confirm that it has broken through the key node of $1. In addition, the "golden cross" pattern formed by Dogecoin on the 4-hour chart provides strong technical support for its rise to the target of $2.
Johnson's official confirmation undoubtedly adds more political color to Musk and Ramaswamy's visit to Congress. They will meet with Republican members of the House and Senate on December 5 to discuss government transformation and cryptocurrency regulations.
The Republican Party won a landslide victory in the recent elections and successfully regained the majority of seats in both houses of the U.S. Congress. This change in the political landscape has brought more possibilities and opportunities for the future development of the cryptocurrency industry.
President-elect Trump's preference for Dogecoin has added infinite imagination to its future development. He said that Dogecoin will help the government dismantle bureaucracy, relax regulations, cut spending and reorganize federal agencies, paving the way for the reform of the government efficiency department.
Musk's recent article on the Biden administration's impact on economic and business growth, as well as his and Ramaswamy's criticism of the government's deprivation of individuals and businesses of their bank account rights, have further stimulated the market's infinite expectations for the future development of cryptocurrencies.
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