How Will Elon Musk’s DOGE Lawsuit Impact Dogecoin Price?

Dogecoin price has once again gained notable traction with its recent recovery and soared more than 2% in the last 24-hour time frame. However, it appears that market concerns are soaring due to the series of lawsuits against Elon Musk’s Department of Government Efficiency (D.O.G.E.). This development has significantly weighed on the investors’ sentiment while dragging down the DOGE price lower recently.

Elon Musk’s DOGE Faces Legal Hurdles

Elon Musk’s Department of Government Efficiency or D.O.G.E. has faced legal hurdles, just minutes after its announcement, alleging violations of a 1972 law governing federal advisory committees. This development has impacted the traders’ sentiment, as evidenced by the declining Dogecoin price.

Meanwhile, as co-chair of DOGE, Musk aims to eliminate federal spending and cut three-quarters of federal government jobs. However, government employee unions, watchdog groups, and public interest organizations are challenging the committee’s operations.

What It Means For Dogecoin?

The lawsuit has influenced Dogecoin price, hindering its long-awaited rally, as the legal challenges have dampened investors’ sentiment. Notably, Dogecoin price has moved in tandem with the developments surrounding the department, given its ticker resembling the Department’s acronym. Also, Elon Musk has previously backed the top meme coin, which has further fueled market speculations.

Having said that, a flurry of experts is keeping close track of the Dogecoin price shifts. However, despite the legal woes, it appears that other recent market developments have further reignited market confidence in the meme coin.

D.O.G.E. Features Dogecoin Image

In a recent development, the official website of the Department of Government Efficiency (D.O.G.E.) has featured a Dogecoin logo. This has sparked immense discussions in the broader crypto market, with the top dog-themed meme coin witnessing a recovery in its value.

On the other hand, Elon Musk’s recent DOGE remark has further fueled market optimism. During his speech at the Presidential Parade, Musk said “We’re going to take DOGE to Mars.”, which has gained notable attention from investors.

Having said that, it appears that the lawsuits are unlikely to have much impact on DOGE price. On the other hand, Musk’s cryptic comments and the other positive developments in the market might further push the meme coin’s price to a new level ahead.

Dogecoin Price Adds 2%

Dogecoin price surged 2.34% and exchanged hands at $0.3825, after touching a 24-hour high of $0.40. Its trading volume also rose 8% to $10.52 in the last 24 hours. However, despite the surge, DOGE Futures Open Interest was down 3% to $5.06 billion, CoinGlass data showed.

Overall, the market sentiment appears to have remained mixed after recent lawsuits. Although recent developments like Musk’s comment and D.O.G.E. featuring the Dogecoin logo sparked optimism, the investors remained cautious.

However, if the bullish momentum holds, the crypto is likely to rally to $0.66 in the coming days. In a recent X post, top market expert Rose Premium Signals said that DOGE price is eyeing a strong rally to $0.48 next. Once this level is breached, the meme coin is likely to target the $0.57 and $0.66 marks.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.