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 for the Department of Government Efficiency (DOGE).
House Speaker Mike Johnson confirmed that Musk and Ramaswamy will meet with Republican House and Senate members on December 5. Republicans won a majority in both chambers of the U.S. Congress in the election. The cryptocurrency industry supports Donald Trump and the candidates, triggering a rally in BTC to $100,000 and a 3-year high in Dogecoin prices.
Trump said DOGE will pave the way for the government to dismantle government bureaucracy, relax excessive regulations, cut spending, reorganize federal agencies, etc.
Elon Musk published an article on November 30 about how the Biden administration could affect economic and business growth. Vivek Ramaswamy and Musk slammed the government for forcibly "de-banking individuals and businesses." Cryptocurrency executives including David Marcus, who leads Facebook's Libra project, revealed how the government is politically stifling the Diem stablecoin.
Analyst predicts Dogecoin will rise to $2
Dogecoin surged as President-elect Trump and Elon Musk promised major government transformation and crypto-friendly regulations.
DOGE’s price has increased by 6% in the past 24 hours and is currently trading at $0.42. The 24-hour minimum and maximum prices were $0.400 and $0.437, respectively. In addition, the trading volume has increased by more than 80% in the past 24 hours, indicating strong interest from traders.
In the derivatives market, according to Coinglass, total open interest in Dogecoin futures rose 6% in 4 hours and 15% in 24 hours. The 8.85 billion Dogecoin futures open interest is currently worth $3.8 billion, which indicates support for further gains.
Analyst Bluntz Capital predicts that Dogecoin price will rise by 420% to $2.2. He added that Dogecoin price will soon reach $1 as the DOGE/BTC pair chart rises sharply.
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.
