Elon Musk, the billionaire founder of Tesla and SpaceX, has once again drawn attention to Dogecoin (DOGE). In a recent post on his social media platform, X (formerly known as Twitter), Musk referenced a fictional “Department Of Government Efficiency,” which amusingly spells out DOGE.
While it’s unclear if this “department” will ever become a reality, some politicians are already backing Musk’s quirky idea. What is clear, however, is that Musk subtly promoted Dogecoin to his audience of nearly 200 million followers, continuing his unique support for the popular meme cryptocurrency.
Dogecoin Price Sees Bullish Momentum
As Musk’s mention of DOGE made the rounds, Dogecoin’s price responded positively. Since the start of the new trading day, DOGE’s previous decline was almost entirely reversed. The cryptocurrency has already gained 6.76% this week, following a bullish trend.
The price action of DOGE seems to be forming a falling wedge pattern, a technical indicator that could lead to a breakout. If the pattern completes, Dogecoin could reach $0.15, a 50% increase from its current price.
Will Musk’s Influence Boost Dogecoin?
While it’s still uncertain whether Musk’s latest reference to DOGE will drive the price higher, the current market conditions appear favorable. With the combination of bullish technicals and Musk’s ongoing endorsement, DOGE holders remain optimistic about reaching new highs.
