$DOGE surged over 6%, likely driven by Elon Musk’s recent comments about the U.S. federal budget during a rally with Donald Trump. Musk proposed slashing $2 trillion in government spending, criticizing current administration policies for wasteful expenditures. His remarks sparked optimism among DOGE enthusiasts, as Musk’s support often correlates with price movements for the meme token.
This political backdrop, along with Dogecoin’s cultural association with Musk, seems to have reignited market excitement. On the technical side, DOGE currently trades around $0.146, testing resistance at $0.165. If it breaks above, it could signal further upward movement. However, derivatives data shows mixed sentiment, with open interest falling by 9.65%, suggesting some traders may be cautious or repositioning. Increased trading volume (+24.2%) reflects heightened market activity.
Musk’s influence combined with hopes for further rallies continues to drive Dogecoin’s short-term bullish momentum, with some speculating that the token might aim for the $1 mark if favorable conditions align.
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