📉 Dogecoin's Sharp Decline
Dogecoin (DOGE) has plummeted 10% in the past 24 hours after reaching a peak of $0.4385, its highest level since May 2021. The meme cryptocurrency has now dropped over 16%, despite a major announcement from President-elect Donald J. Trump.
🏛️ Trump’s ‘DOGE’ Initiative
Trump recently announced the formation of the Department of Government Efficiency (DOGE), appointing Elon Musk and Vivek Ramaswamy to lead the project. Trump emphasized that this initiative aims to cut red tape, slash wasteful spending, and restructure federal agencies to support the “Save America” movement.
🚀 Musk’s Vision for Change
Elon Musk stated that the initiative would “send shockwaves through the system” and bring an entrepreneurial approach to government. The project is set to conclude by July 4, 2026, aligning with the 250th anniversary of the Declaration of Independence.
DOGE Hype Fails to Sustain Rally
Despite the excitement around the DOGE acronym and Musk’s involvement, Dogecoin’s price has unexpectedly fallen. Analysts anticipated that high-profile figures like Trump and Musk could bring significant exposure to DOGE, but the market reaction was bearish.
📊 Technical Analysis & Market Outlook
Crypto analyst Kevin (@Kev_Capital_TA) noted that Dogecoin’s Relative Strength Index (RSI) hit 95 on the daily chart, a level that historically precedes corrections. He predicts a pullback to the $0.26–$0.28 range before a potential rebound. While a Bitcoin rally to $94,000–$95,000 could lift DOGE, Kevin expects a deeper correction first to cool off the overheated RSI.
📉 Current Price
At press time, DOGE is trading at $0.35.
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