- Elon Musk has extended an open invitation to Dogecoin founder to work for D.O.G.E.
- Dogecoin price is in a rebound mode, but volatility abounds, fueling a cautious embrace.
Tesla’s CEO Elon Musk recently caused a stir in the community with an invitation extended to Dogecoin founder Billy Markus. Markus is known on X as Shibetoshi Nakamoto. Musk invited the Dogecoin founder to join the Department of Government Efficiency (D.O.G.E). Anticipations surrounding the DOGE founder’s possible inclusion in the advisory panel have helped to increase positive sentiments in the memecoin.
Elon Musk’s Invitation to Shibetoshi Nakamoto
Elon Musk’s comment is in response to Shibetoshi Nakamoto on social media platform X. In a recent X post, the DOGE founder stated, “ok I am officially unemployed, help.” Responding to the post, Musk commented, “Wanna work at DOGE? Would be kinda perfect.”
Although Markus has since deleted his post, Musk’s comments set off a wave of speculation over the impact of such a feat within the Dogecoin market. Musk is well-known for his massive influence on the top dog-themed memecoin. As previously mentioned in our report, Dogecoin’s price spiked 7% following Musk’s playful remark about taking “DOGE to Mars” during Trump’s inauguration.
Elon Musk leads the governmental advisory panel, D.O.G.E. This department, launched under Trump’s presidency, aims to streamline federal spending and improve governmental effectiveness. Additionally, D.O.G.E is expected to collaborate with the White House and the Office of Management and Budget to push large-scale structural reforms.
The department, however, faced lawsuits shortly after its inception. Soon after Donald Trump’s inauguration, the Department of Government Efficiency faced three lawsuits. This sparked volatility within the Dogecoin market.
However, Musk’s recent invitation appears to have uplifted the market sentiment toward Dogecoin. Meanwhile, the Department of Government Efficiency has commenced work, with reports hinting at the exploration of blockchain technology to reduce federal expenditure and secure data.
These developments garnered attention toward DOGE, whilst the recent invitation to Shibetoshi Nakamoto builds further investor enthusiasm for the asset.
Dogecoin Price Performance
DOGE price witnessed a 7.8% increase on the daily chart and is currently trading at $0.3342. Intraday low and high prices for the coin were $0.3078 and $0.3386, respectively. Notably, the present upward tendency is consistent with a broader trend in the crypto market.
In a recent update CNF covered, investors are optimistic Musk’s association with DOGE could send the memecoin towards $1. Strong market technicals and historical trends also further influence this bullish anticipation.
They anticipate Dogecoin price to retest at $0.4835, last year’s high. Subsequently, a bullish move above this level paves the way for reaching a 2021 high of $0.7373 and ultimately to $1.
Onchain analyst Ali Martinez suggested that DOGE could soar to an extraordinary $14.78 by May 2025 if it follows its 2021 patterns. While historical patterns and community enthusiasm may inspire another meteoric rise similar to 2021, challenges like inflationary tokenomics and market volatility demand a measured approach.
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