DOGE price is expected to rebound to $2.4, as Raoul Pal shared a bullish forecast for Dogecoin amid Elon Musk's efforts to enhance DOGE’s efficacy.
DOGE price looks towards potential breakthroughs in the future, and top experts have expressed similar views on the dog-themed meme coin. As a backdrop, in a recent X post, Real Vision CEO and founder Raoul Pal stated that Dogecoin may be preparing for a rebound in the future. Additionally, this development coincided with Elon Musk sharing new advancements to improve the efficiency of the Department of Government Efficiency (D.O.G.E.).
As Elon Musk prioritizes D.O.G.E. efficacy, DOGE price rises
DOGE price continued to rise on Friday, further highlighting the growing confidence among investors in the top meme coin. Among them, Real Vision founder Raoul Pal is a prominent figure in the crypto world, predicting that Dogecoin may rebound in the future, stating that it is in a 'banana rotation' with SUI. In a recent X post, Pal said:
Meanwhile, Pal previously explained the Banana Zone, emphasizing the importance of core allocations in top assets like BTC, ETH, and SOL. He suggested that investors keep 90% of their portfolio in solid assets like BTC and top altcoins while allowing 10% for higher-risk plays like meme coins.
However, Pal warned against over-trading and leverage, emphasizing the need to protect investments. According to Pal's predictions, DOGE holders are optimistic about the future performance of the meme coin.
Elon Musk outlines D.O.G.E. plan
Additionally, the rise in DOGE price coincides with Elon Musk prioritizing the efficiency of the Department of Government Efficiency (D.O.G.E.). Notably, Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead D.O.G.E., which has sparked optimistic sentiments in the market.
Moreover, the department's abbreviation is similar to Dogecoin's stock code, which has also triggered a rebound in cryptocurrency prices. Additionally, Musk has been a vocal supporter of meme coins, and his previous social media comments have proven this, which has also caught traders' attention.
Now, Musk and Ramaswamy have outlined plans to improve the efficiency of the department. According to a recent report from The Wall Street Journal, they plan to end the remote work culture of federal offices to cut government spending. The two entrepreneurs stated that ending remote work culture would lead to mass resignations, which would help them achieve their goal of establishing a small but efficient government.
Will Dogecoin reach $2.4?
DOGE price rose over 2% today, trading at $0.3941, with daily trading volume approaching $8.6 billion. Notably, the token hit a 24-hour high of $0.3996, with CoinGlass data showing that Dogecoin futures open interest rose nearly 9%, indicating strong market confidence.
Furthermore, recent on-chain metrics and other market trends indicate that Dogecoin is preparing to continue its parabolic lead alongside SHIB and other meme coins. Among them, popular crypto market analyst Ali Martinez shared a bullish forecast for DOGE price.
Meanwhile, Martinez recently highlighted the growing activity of Dogecoin whales, suggesting that the cryptocurrency is ready for a rebound. His X post showed that whales had accumulated over 550 million DOGE last week, worth approximately $214.5 million.
Additionally, the analyst shared a DOGE price chart indicating that the cryptocurrency could reach $2.40 in the coming days. Furthermore, he predicted that once the meme coin reaches the target of $2.40, the next target for the cryptocurrency would be $18, which has sparked optimism in the market.
