Analyst Ali Martinez has highlighted Dogecoin’s potential for significant growth. According to Martinez, $DOGE is trading within a multi-year ascending parallel channel that suggests a bullish price target of $15.
This technical analysis has further fueled optimism among Dogecoin enthusiasts.
Dogecoin’s network activity has surged, with 588 transactions exceeding $1 million recorded within the past 24 hours. This uptick in whale activity reflects growing interest and confidence in the cryptocurrency, possibly linked to recent political developments.
The number of transactions over $1 million on the #Dogecoin $DOGE network is on the rise, hitting 588 transactions in the past 24 hours. pic.twitter.com/1xprQln43N
— Ali (@ali_charts) January 20, 2025
Trump’s DOGE Department Sparks Speculation
Following Donald Trump’s inauguration announcement of the Department of Government Efficiency (D.O.G.E), the official website, doge(.)gov, has drawn significant attention. Notably, the site prominently features the $DOGE logo, as well as Kabosu—the iconic face of Dogecoin.
While Dogecoin has not made an official statement about the website, prominent figures in the crypto community, such as Bitcoin entrepreneur Lark Davis and Roundtable Founder Mario Nawfal, have confirmed its legitimacy. Nawfal shared on social media, “The U.S. Department of Government Efficiency (DOGE), spearheaded by Elon, just launched its official website—featuring Kabosu as its emblem.”
Legal Challenges Facing the DOGE Department
Despite the buzz, the D.O.G.E. initiative has faced backlash within government circles. Legal advocacy group National Security Counselors recently criticized the department for allegedly violating the Federal Advisory Committee Act of 1972, which mandates transparency for advisory groups. Lawsuits and skepticism from lawmakers continue to pose challenges to the department’s credibility.
U.S DOGE(.)GOV WEBSITE GOES LIVE FEATURING THE DOGECOIN LOGO
– Following Trump’s announcement of the Department of Government Efficiency (D.O.G.E) during his inauguration, the doge(.)gov website, is now displaying the $DOGE logo.
Key Details:
– Although the DOGE has not yet… https://t.co/Mo4sAc9SpY pic.twitter.com/at9DIDZei8
— BSCN (@BSCNews) January 21, 2025
What’s Next for $DOGE?
As Dogecoin’s popularity rises, both through market performance and political connections, the community eagerly watches for further developments. Whether it’s legal hurdles or the bullish target of $15, Dogecoin remains a cryptocurrency in the spotlight.
#Dogecoin $DOGE appears to trade inside a multi-year ascending parallel channel that projects a bullish target of $15! pic.twitter.com/HjOSWycW6v
— Ali (@ali_charts) January 20, 2025
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/dogecoin-surges-amid-rising-transactions-and-controversial-government-ties/