Dogecoin is expected to rise to $2 as the Department of Government Efficiency (DOGE) head Elon Musk and Vivek Ramaswamy visit Capitol Hill.
House Speaker Mike Johnson revealed that Elon Musk and Vivek Ramaswamy will meet with Republican House and Senate members next week. The Department of Government Efficiency (DOGE) will present key proposals to reform government regulations and agencies. Dogecoin price is expected to break through $1 and is expected to rise sharply further.
DOGE Heads Elon Musk and Vivek Ramaswamy Visit Capitol Hill
Elon Musk and Vivek Ramaswamy will head to Capitol Hill next week to propose key reforms to the Department of Government Efficiency (DOGE).
House Speaker Mike Johnson has confirmed that Musk and Ramaswamy will meet with Republican lawmakers on December 5. The meeting is highly anticipated as the Republican Party won a majority in both houses of the U.S. Congress in the recent elections. Supporters of the cryptocurrency industry have flocked to support Donald Trump and his candidates, helping the price of Bitcoin (BTC) climb to $100,000 and Dogecoin hit a 3-year high.
Trump said that the introduction of DOGE will help promote a series of reforms, including dismantling the government bureaucracy, relaxing excessive regulations, cutting government spending, and restructuring federal agencies. This series of reform goals will help promote the efficient operation of the government.
In addition, Elon Musk published an article on November 30 criticizing the Biden administration's negative impact on economic and business growth. He and Ramaswamy criticized the government's excessive intervention, saying that it forcibly "deprived individuals and businesses of their bank accounts." Among them, David Marcus, who led the Facebook Libra project, also revealed how the government used political means to stifle the development of the Diem stablecoin, further increasing regulatory pressure on cryptocurrencies.
Analyst predicts Dogecoin will rise to $2
Dogecoin has seen a surge as President-elect Trump and Elon Musk promised a major government transformation and pushed for crypto-friendly regulations.
In the past 24 hours, DOGE’s price has increased by 6% and is currently trading at $0.42, with a low and high of $0.400 and $0.437 respectively. In addition, the 24-hour trading volume has increased by more than 80%, showing a high level of attention from traders.
In the derivatives market, data from Coinglass shows that total open interest in Dogecoin futures rose 6% in 4 hours and 15% in 24 hours. Currently, there are 8.85 billion open contracts for Dogecoin futures worth about $3.8 billion, indicating strong market support for Dogecoin and that prices are expected to rise further.
Analyst Bluntz Capital predicts that the price of Dogecoin will rise by 420% and is expected to reach $2.2. He also noted that with significant gains on the DOGE/BTC chart, the price of Dogecoin is expected to break above $1 soon.
Rekt Capital, one of the top analysts, said that the Dogecoin price chart has formed an "ascending triangle" pattern on the daily chart. This means that this meme coin may usher in another round of capital inflows.
He added that DOGE would need to close above $0.43 to confirm a breakout above $1. Notably, DOGE has formed a “golden cross” on the 4-hour chart, which could spark a rally to $2.
