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The Department of Government Efficiency price soared 81% in the last 24 hours to trade at $0.07051 as of 03:42 a.m. EST on trading volume that skyrocketed 460% to $32 million.
The DOGE price pump came as Donald Trump secured his second term as president after defeating Kamala Harris in Tuesday’s US election.
Musk, who has been a massive Trump backer, used his social media platform X to call the victory, saying, “The people of America gave Donald Trump a crystal clear mandate for change tonight.”
The people of America gave @realDonaldTrump a crystal clear mandate for change tonight
— Elon Musk (@elonmusk) November 6, 2024
Trump’s win raised the question of whether Elon Musk would soon be appointed to head a Department of Government Efficiency (DOGE) in the incoming Trump administration.
Trump has said he would bring Musk into his second administration to reduce government waste, prompting Musk to call such an effort the ”Department of Government Efficiency,” or DOGE, naming the department after the meme coin he has often promoted.
Department of Government Efficiency Price On A Sustained Bullish Rally
The chart for DOGE/USD on the 1-hour timeframe shows a clear bullish trend that began around the end of October, breaking into a significant upward movement starting on November 5. The Department of Government Efficiency price spiked sharply to over $0.08 and then corrected slightly, but the overall trend remains upward, according to data from GeckoTerminal.
DOGE now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the recent significant uptrend.
The Relative Strength Index (RSI) is at 60.56, indicating that the market is in the neutral to bullish zone. An RSI above 50 and moving closer to 70 suggests upward momentum, but the price is not yet overbought. This provides room for potential further upward movement.
The Moving Average Convergence Divergence (MACD) line (blue) at 0.00117 is above the signal line (orange) at 0.00704, suggesting that the momentum is still in favor of the bulls. The MACD histogram shows increasing positive momentum, confirming the bullish trend.
If this trend continues, the Department of Government Efficiency price could soar to the next possible resistance at $0.090.
Conversely, if the bears take control of the asset, as a result of DOGE being overvalued, the Department of Government Efficiency price could plunge back to the 50-day SMA at $0.04876.
As the Dogecoin price soars, the new meme coin project Crypto All-Stars (STARS) has surpassed $3 million in funds raised in its ICO.
ClayBro, a prominent crypto analyst with over 130K subscribers, says STARS has the potential to soar 26X after its launch.
Is Crypto All-Stars The Next Crypto To Explode?
C͏rypto All-S͏t͏a͏r͏s is a revolu͏t͏ion͏ar͏y project that enables investors to stake multiple top meme coins on one platform for the first time, earnings rewards in STARS tokens.
It makes this possible via its innovative M͏emeVault eco͏syste͏m, which after STARS launches will enable the staking of 11 meme coins: Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. The project will add more meme coins in the coming months.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
You can also earn passively through the project’s native staking mechanism, which offers a dazzling 505% annual percentage yield (APY) on STARS.
You can buy the token now for $0.0015494. The price will increase in less than 3 days, so interested investors should act fast to lock in the best deal.
Purchase $STARS from the official website here using BNB, USDT, or a bank card.
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