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The Dogecoin price pumped 4% in the last 24 hours to trade at $0.1817 as of 11:37 a.m. EST on trading volume that plunged 40% to $1.14 billion.
The increase in the DOGE price comes after Tesla CEO Elon Musk warned that “Congress is making America bankrupt.” The comment came as MUSK reposted a chart from the X account of World of Statistics that shows how the US budget deficit has ballooned from 2000 to 2024.
Congress is making America bankrupt https://t.co/cMP8XWO6dc
— Elon Musk (@elonmusk) June 3, 2025
Musk has been a vocal critic of excess government spending, and he recently spoke out against what President Donald Trump calls his ”big, beautiful bill.”
“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” Musk wrote on X. “Shame on those who voted for it: You know you did wrong.”
Musk also emphasized that the bill could drive the federal deficit to $2.5 trillion, burdening Americans with an unsustainable and potentially crippling level of debt.
Dogecoin Price Outlook Turns Bearish, Hints At a 16% Drop
The DOGE price on the daily chart shows that the asset is currently under a bearish trend that has been unfolding since early May 2025.
After a brief bullish breakout, DOGE formed a rounded top pattern before declining sharply. The Dogecoin price failed to sustain above the $0.21 resistance area, which coincides with the yellow-highlighted supply zone on the chart.
DOGE has recently broken below its 50-day Simple Moving Average (SMA), currently positioned around $0.199, and the 200-day SMA at $0.262, indicating a short-term shift in market sentiment toward the downside.
The Relative Strength Index (RSI) stands at 38.80, which places it below the 50-neutral line and close to the oversold threshold of 30. While this doesn’t guarantee an immediate bounce, it does reflect weak buying pressure.
If this momentum continues, the price of Dogecoin could still drop further, with the next possible support around the $0.151, a 16% decrease from the current level, acting as a cushion against downward pressure.
XRP/USD Chart Analysis (Tradingview)
Conversely, if the RSI turns oversold, investors could use that as a likely entry point. In such a scenario, the price of DOGE could pick up momentum, which could push Dogecoin to the $0.249 resistance zone.
Meanwhile, investors are flocking to a new presale token called Snorter Token (SNORT), which YouTube channel 99Bitcoins, with over 723K subscribers, says has 10x potential on launch.
Snorter Token Presale Heads For $600K
Snorter Bot is an exciting new crypto trading bot designed to snipe, swap, copy trade, and more, all right from Telegram.
It’s incredibly adept at navigating token launches to stay ahead of MEV bots and whales, and it has an 85% success rate at identifying rug pulls.
In slightly more than a week, the Snorter token has raised more than $554K, as investors pile on.
Snorter Bot beats all the competition in terms of fees as well. By simply holding the SNORT token, traders reduce their execution fees from 1.5% to 0.85%, undercutting other Telegram bots.
Early investors can also stake their tokens for a massive 628% APY, though that number drops as more buyers jump in.
🚨 Snorter Bot is now live in Best Wallet! 🚨@SnorterToken is building a powerful multi-chain Telegram trading bot designed for speed, transparency, and automation.
Snorter Bot will give users the ability to access lightning-fast trades and real-time execution directly from… pic.twitter.com/EqkWxGMcQy
— Best Wallet (@BestWalletHQ) May 28, 2025
The presale, live at the Snorter Token website, is priced at $0.0943, and investors can buy SNORT tokens with SOL, ETH, USDT, or a bank card.
Interested investors should act before a price hike in less than 1 hour.
Check out the Snorter Token website.
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