Dogecoin (DOGE) has recently received widespread attention, with its price soaring over 330% in six weeks, and later stabilizing.
The initial price increase was related to market expectations of Trump's potential victory, believing that his election could create "Trump trade" opportunities.
After Trump's election, Dogecoin supporter Elon Musk established the "DOGE" government efficiency department, which promoted the continued popularity of Dogecoin.
The market's focus is now on December 5, when Musk and Vivek Ramaswamy will head to Washington to discuss reform proposals with Congress, which have received support from the "government efficiency department" and could significantly impact Dogecoin's price.
In the past, whenever events related to Musk or Trump occurred, the price of Dogecoin typically surged rapidly.
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For example, when Musk expressed support for Dogecoin, the price increased by 15%;
After related activities and statements were released, the price rose again by 120%;
Social media discussions and political donations pushed the price up by 10%.
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Whether the proposals on December 5 pass will determine the future trend of Dogecoin.
Reform topics include cutting government spending, abolishing departments, etc., and whether they ultimately pass depends on Congress's attitude.
If the reforms receive support and Musk continues to push, Dogecoin's market position is expected to improve.
The market is currently awaiting this key outcome, and it is expected that Dogecoin's trading volume and speculative activity will increase at that time.
