Dogecoin Dips 10% As Trump Taps Musk And Ramaswamy For ‘DOGE’

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As a seasoned crypto analyst with over a decade of experience navigating the volatile and ever-changing world of digital currencies, I’ve seen it all—from the meteoric rise of Bitcoin to the unexpected plummets of lesser-known altcoins. The recent 10% decline in Dogecoin (DOGE) within the last 24 hours has piqued my interest, especially given the concurrent announcement of President-elect Donald J. Trump’s Department of Government Efficiency (DOGE).

In the past day, Dogecoin (DOGE) saw a notable drop of approximately 10%, reaching a current level that’s 16% lower than its peak on Tuesday at $0.4385 – the highest it’s been since May 2021. Interestingly, this decline took place even after a significant announcement from President-elect Donald J. Trump.

Dogecoin Slumps Despite ‘DOGE’ Formation

On November 12th, 2024, Trump announced the creation of the Department of Streamlined Government (DSG), with Elon Musk and Vivek Ramaswamy at the helm. In his speech, he expressed faith that these two exceptional individuals would guide his administration in dismantling government red tape, reducing unnecessary regulations, trimming unnecessary spending, and reorganizing federal departments. He underscored their efforts as crucial to the “Save America” initiative.

Elon Musk emphasized the groundbreaking impact of the project, stating that it “will cause ripples throughout the system and tackle government inefficiency.” The goal is to offer unconventional counsel from outside the political sphere, collaborating with the White House and the Office of Management & Budget to instigate significant systemic change. Musk envisions this as an “entrepreneurial style of governance yet unexperienced,” aiming to complete the work by July 4, 2026—the 250th anniversary of the Declaration of Independence.

The announcement is expected to create a wave of optimism for Dogecoin, considering its nickname DOGE and Elon Musk’s known fondness for the meme currency. The creation of the Department of Government Efficiency has put Dogecoin in an unparalleled position. With influential figures such as Trump and Musk possibly mentioning DOGE in governmental discussions, the meme coin might experience increased mainstream visibility.

— Elon Musk (@elonmusk) November 13, 2024

As an analyst, I find it fascinating to consider Dogecoin’s potential transformation into a symbol reflecting the ethos of the Trump administration. Given the Department of Government Efficiency’s penchant for making headlines and Elon Musk’s active involvement, the spotlight could be immense. Recently, Musk has already shared his first Dogecoin-themed meme, further fueling this intriguing possibility.

— Elon Musk (@elonmusk) November 13, 2024

Crypto analyst degentrading (@degentradingLSD) pointed out on X that the strong argument for DOGE is its widespread promotion – from Trump, who considers it his Manhattan Project, to Elon Musk, known for his successes, and Vivek, a skilled persuader. This coin will likely receive an intense wave of attention.

Although experts predicted a positive direction for Dogecoin, its price trend surprisingly dipped instead. Analyst Kevin (@Kev_Capital_TA) offered an insightful view using technical analysis, highlighting that the Dogecoin daily Relative Strength Index (RSI) reached 95: “In the past, whenever the DOGE RSI hit 95 on a daily basis, it was followed by a significant drop. This technical indicator has been reliable in the past, even during the bull market of 2020-2021.

He predicts that “Dogecoin will go back to $0.26–$0.28 and then reload to come back up and break all-time highs. Daily RSI just tapped 94 again and the 0.786 Fibonacci retracement.” Kevin added that if Bitcoin reaches $94,000–$95,000 in the short term, it could “drag DOGE higher,” but he still anticipates a “bigger correction before heading higher” because “that RSI needs to cool off badly.”

At press time, DOGE traded at $0.35.

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2024-11-13 17:11