dogecoin

Elon Musk Invites Dogecoin Founder to Join DOGE Panel, What’s Next for DOGE Price?

The crypto market was abuzz on Tuesday as Tesla and SpaceX CEO Elon Musk extended an intriguing invitation to Dogecoin (DOGE) founder Shibetoshi Nakamoto. Using X (formerly Twitter), Musk playfully offered Nakamoto a position in the Department of Government Efficiency (DOGE), stating, “Wanna work at DOGE? Would be kinda perfect.”

This lighthearted exchange followed Nakamoto’s post, “ok I am officially unemployed, help,” which was later deleted. Nevertheless, Musk’s comment sparked widespread speculation about its potential impact on Dogecoin. The meme coin saw a 5% price surge in the last 24 hours, trading at $0.3343 at the time of reporting, with an intraday high of $0.3386.

Musk’s Influence and DOGE’s Legal Hurdles

As a prominent advocate of Dogecoin, Musk’s remarks have historically influenced the token’s performance. However, his involvement in the governmental advisory panel DOGE, co-led with V. Ramaswamy, has not been without controversy. Shortly after its inception, the department faced three lawsuits tied to former President Donald Trump’s administration, creating turbulence for DOGE.

Despite these challenges, Musk continues to bolster market sentiment with initiatives like exploring blockchain technology to optimize federal spending. His recent “DOGE to Mars” comment further fueled optimism, driving attention to the meme token.

DOGE Price Outlook

Market analysts predict significant upside potential for DOGE, with a $1 target in sight. CoinGape reports suggest that a retest of $0.4835, last year’s high, could pave the way for a climb to $0.7373, DOGE’s 2021 peak. Whales have also shown confidence, purchasing approximately 500 million coins during the recent dip, adding buying pressure.

Also Read: Worldcoin (WLD) Price Could Surge 5X After Elon Musk’s Criticism of Stargate AI Deal

Musk’s playful invitation to Nakamoto and his ongoing support for DOGE have reignited enthusiasm among investors. While speculative, these developments underline Dogecoin’s resilience and its capacity to capture market attention, making it a token to watch closely in the coming weeks.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

About The Author

BinanceUS Previous post Binance Coin Price Prediction: CZ Backs BNB as a Long-Term Hold Amid Support Test and Bullish Potential
Tether Next post Spain Freezes $26.4M in Crypto as Part of Major Money Laundering Crackdown with Tron, Tether, and TRM Labs