Veteran leftist politician and veteran Democratic senator Sanders on December 1 (Sunday) unusually expressed support for billionaire Musk, praising his proposed cuts to defense spending from the Office of Efficiency in Government under the Trump administration and expressing support for reforming the $886 billion defense budget. Following the news, Dogecoin surged rapidly during Monday's Asian trading session, reaching a high of $0.4592.
Trump announced that Musk and Ramaswamy would jointly lead the Office of Efficiency in Government, aimed at reducing excessive regulation and wasteful spending, and proposed restructuring federal agencies. Musk has recently shared multiple opinions on Twitter, mentioning that the Department of Defense has failed its audit for seven consecutive times. He also hinted that the Office of Efficiency will improve the efficiency of defense spending.
Sanders posted on Twitter: 'Musk is right. The Department of Defense's budget is $886 billion and has just failed its audit for the 7th consecutive time. It has lost track of how many billions it has. In 2023, only 13 senators voted against the military-industrial complex and the wasteful and fraudulent defense budget. This situation must change.'
Musk responded to Sanders' post with two American flag emoji.
It is noteworthy that Sanders' statement is considered a very rare change of stance. Previously, exchanges between Musk and Sanders were not pleasant. In November 2021, Musk and Sanders had a dispute when the senator demanded that the wealthy pay their 'fair share' of taxes. Sanders stated, 'We must demand that the extremely wealthy pay the taxes they owe.'
Musk sarcastically remarked, 'I always forget you're still alive; do you want me to sell more (Tesla) stock, Bernie? Just say the word...' Ahead of this year's election, Sanders has been openly critical of Musk. Earlier this year, he expressed dissatisfaction with Tesla's donations to Trump's campaign and advocated for publicly funded elections.
With Sanders' shift, Musk's Office of Efficiency in Government has again become a hot topic on Twitter, further driving the surge of Dogecoin, which has a similar abbreviation.
Over the past week, many meme coins have performed relatively steadily, while Shiba Inu has rebounded again after a three-week pullback, restoring its strong momentum. It successfully broke through previous highs, and the day's performance appears very optimistic. In November, Shiba's gains were not significant compared to other major meme coins (such as Doge, Pepe, and Bonk), which showed a strong upward trend in a short time.
Shiba's gains were modest, quickly breaking bullish after testing the key level of $0.00003. This breakout occurred after a three-week pullback, during which the price briefly fell to around $0.00002. With this price level acting as support, the market rebounded, but due to insufficient buying volume, the bulls failed to regain strength, leading to a hesitant performance at the end of the month.
With the start of this month, rising demand has driven a strong performance in Bitcoin prices, and trading volatility has increased as a result, with prices surging significantly after the latest breakout. Currently, Bitcoin's price is once again performing strongly, and at the time of writing, it is well above $0.000031. Currently, the main resistance level facing the bulls is the $0.000046 level tested in March. Once successfully broken, a significant increase is expected.
A drop from the current trading level may lead to a slight retest, followed by a recovery of the bullish trend. In today's meme coin market, Shiba is leading, having increased by 30% over the past week, achieving a new transformation. Currently, it shows a clear bullish momentum on its daily chart.
During the price increase, Shiba faces initial resistance at $0.000033, while the main resistance is at $0.0000457. Once this resistance is broken, the price is expected to rise quickly to $0.00006. If the price drops, the nearest support level is $0.00003, followed by $0.000023.
The lower support levels are $0.000016 and $0.0000125.
Key resistance levels: $0.000033, $0.0000457, $0.00006
Key support levels: $0.000023, $0.000016, $0.0000125
Spot price: $0.000032
Trend: Bullish Volatility: High