House Speaker Mike Johnson announced that Elon Musk and Vivek Ramaswamy will meet with House and Senate Republicans next week. The Department of Government Efficiency (DOGE) will present significant proposals aimed at reforming government regulations and institutions. The price of Dogecoin is expected to reach $1, above which it could spark a major rally.$DOGE
Elon Musk and Vivek Ramaswamy are set to head to Capitol Hill next week to present reforms proposed by the Department of State Efficiency (DOGE). House Speaker Mike Johnson announced that Musk and Ramaswamy will meet with House and Senate Republicans on December 5. The Republican Party won majorities in both houses of the US Congress in the November elections. The crypto industry has supported Donald Trump and other Republican candidates, helping Bitcoin surge to $100,000 and Dogecoin to a 3-year high. Trump said DOGE’s administration could eliminate government bureaucracy, loosen excessive regulations, reduce spending, and restructure federal agencies. Elon Musk shared a post on November 30 about the effects of the Biden administration on economic and business growth. Vivek Ramaswamy and Musk took aim at the government, criticizing the forced exclusion of people and businesses from the banking system. David Marcus, former head of Facebook’s Libra project, has explained how the government politically blocked the Diem stablecoin.
Dogecoin has seen a significant rise on President Trump and Elon Musk’s promise of a major government transformation and crypto-friendly regulations. The DOGE price has increased by 6% in the last 24 hours and is currently trading at $0.42. The lowest price in 24 hours was $0.40 and the highest price was $0.437. Furthermore, the trading volume has increased by over 80% in the last 24 hours, indicating a great interest among traders. According to Coinglass data, Dogecoin open interest in the derivatives market has increased by 6% in the last 4 hours and 15% in the last 24 hours. The 8.85 billion DOGE futures open interest is currently worth $3.80 billion, which supports the price for further upward movement. Analyst Bluntz Capital predicts that Dogecoin could rise by 420% to $2.2. The DOGE/BTC pair chart shows that a level close to $1 is being targeted.
Leading analyst Rekt Capital noted that an ‘ascending triangle’ pattern has formed on Dogecoin’s daily chart, indicating that DOGE could experience another major upward wave. He added that DOGE needs to close the week above $0.43 to receive confirmation of a breakout towards $1. Additionally, DOGE has formed a ‘golden cross’ on the 4-hour chart, which could trigger a rally towards $2.