Dogecoin, a popular meme coin, has seen a strong rally amid positive market developments. Crypto market expert Ali Martinez predicts that Dogecoin’s price will hit $4 in the coming days, fueled by Elon Musk’s backing of newly elected President Donald Trump. Martinez has shared historical trends to support his prediction, which, if repeated, could send the meme coin to $4 or over $23.
Meanwhile, fellow crypto market expert and trader Peter Brandt predicts that Dogecoin is poised to hit a new all-time high. Both experts have mentioned Elon Musk in their posts, with Brandt stating, “In Musk We Trust.” Elon Musk has been an active fan of Dogecoin and has mentioned DOGE several times on social media platforms, sparking its price rally.
The discussions over Elon Musk’s Department of Government Efficiency (D.O.G.E) have also contributed to the Dogecoin price rally. The initiative, which focuses on Federal cost-cutting, has sparked discussions among market participants, especially the DOGE community. Elon Musk has shared a flurry of memes on the topic, and has recently mentioned ex-Congressman Ron Paul as a potential collaborator for the Department of Government Efficiency.
Ron Paul has been an active critic of the US Federal Reserve, which aligns with Elon Musk’s views on the institution. Dogecoin’s price has advanced by 17% today, trading at $0.1991, with a trading volume of $11.77 billion. The meme coin has touched a 24-hour high of $0.2133, and Dogecoin Futures Open Interest has risen by 23%, indicating strong market confidence.
