Dogecoin (DOGE) Rallies 8% as Elon Musk Teases the Community With 'Department of Government Efficiency' Role

Dogecoin (DOGE) is enjoying a bounce as part of a wider relief rally and has again drawn the interest of Tesla CEO Elon Musk.

Dogecoin (CRYPTO: DOGE) price rose on Thursday as part of a broader relief rally, attracting renewed interest from Tesla (NASDAQ:TSLA) CEO Elon Musk.

What Happened: Dogecoin, which rose 8% in the last 24 hours, was traded at $ 0.1029 at the time of writing. Crypto technical analyst Ali Martinez predicts that a sustained close above $0.10 could push meme coin out of a bullish falling wedge pattern to $0.15.

Martinez said, "Imagine if Dogecoin comes out after all this madness and starts the next rise."

Imagine if Dogecoin emerges after all this madness and starts the next rise… ?

Watch out for the falling wedge on the $DOGE daily chart — a sustained close above $0.10 could start a bull run to $0.15!

Another crypto trader Javon Marks also pointed out a possible “multi-month Falling Wedge breakout.” He said a successful breakout could more than double the Dogecoin price by $0.22 and the final price target could be $0.6533.

Next Step for Dogecoin: Crypto Trader Predicts Next Move Will Match Macro Gold Cut

Why It Matters: Elon Musk angered the Dogecoin community by responding to a post by the Dogecoin community account 'DogeDesigner'. To a humorous post about the “Department of Government Efficiency,” referring to his rumored role in the Trump administration, Musk replied, “our official mascot will be the Doge.” Last weekend, Musk shared an AI image with references to the "Department of Government Efficiency" and DOGE.

Crypto trader Unipcs thinks Musk is "apparently aiming to push DOGE higher" and says this is "for next week's rate cuts of all times" considering October is "historically one of the best months." As a result, "I can't help but feel like things are going crazy for crypto and especially meme coins," he said.

According to IntoTheBlock data, Dogecoin's major transaction volume increased by 16% in the last 24 hours and daily active addresses increased by 0.99%. Net flows from exchanges fell by 1,085.9. Approximately 72% of Dogecoin holders are currently making a profit.

Next: The impact of meme coins is expected to be examined in detail at Benzinga's upcoming Future Digital Assets event on November 19.

Read More: Next Step for Dogecoin: Crypto Trader Predicts Next Move Will Match Macro Gold Cut

Image: Shutterstock

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