The statement made by American billionaire Elon Musk created activity in the broad crypto market. Dogecoin after Musk said about the Department of Government Efficiency (DOGE) “I’m starting to feel that The DOGE has real potential” 
$0.374692It caused an increase in optimism in . However, DOGE’s price continues to trend sideways after rising over 200% in one month.
DOGE Statement Boosts Dogecoin
On November 16, Elon Musk’s post on the official X platform sparked widespread debate in the market with his optimistic stance for the Department of Government Efficiency. This government office, where he was appointed as the leader of Tesla and SpaceX, attracted great attention throughout the country, with the participation of V. Ramaswamy.
DOGE price is currently trading at $0.3788, up 2% in the last 24 hours. The coin’s 24-hour low and high were $0.3545 and $0.3899 respectively. While Musk’s statements attracted the attention of investors, weekly gains reached 80%, indicating a strong uptrend.
Ali Martinez predicted: “Dogecoin price may reach $4.”
On the other hand, according to Coinglass data, DOGE’s futures open interest increased by 11% during the day, reaching $3.02 billion. This shows that investor interest in Dogecoin is increasing. Experts are eagerly awaiting the future earnings of the token.
Additionally, Dogecoin’s lawsuit against Elon Musk was successfully withdrawn by investors. This case involved allegations that the Tesla and SpaceX leader manipulated the price of the meme coin for his personal gain. However, the withdrawal of the lawsuit increased market optimism for the meme token.
Market Expectations and Future Outlook
Musk’s positive statements about DOGE and the price increase in Dogecoin led to remarkable developments in the crypto market. Investors are closely watching whether this trend will continue.
Dogecoin continues to move forward with a strong community and support from key figures. It is eagerly awaited to see how future developments will shape the market position of meme coin.
As a result, Elon Musk’s statements regarding DOGE support the rise of Dogecoin in the short term and offer significant opportunities for investors. However, it should be taken into account that the market may fluctuate and investors should be careful.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
