Dogecoin Prepares to Break Through $2: Elon Musk and the US Government Burn the Market

Elon Musk and Vivek Ramaswamy will meet with Republican members of the House and Senate next week, House Chairman Mike Johnson revealed. The Department of Government Efficiency (DOGE) will propose key proposals to reform regulations and government agencies. Dogecoin price is awaiting a breakthrough to $1 and may witness a further significant price increase. Analysts predict Dogecoin will rise to 2 dollars Dogecoin surged as President-elect Trump and Elon Musk promised a major government overhaul and crypto-friendly regulations. DOGE price has risen by 6% in the past 24 hours, currently trading at $0.42. The 24-hour low and high are $0.400 and $0.437, respectively. Furthermore, the trading volume has increased by over 80% in the last 24 hours, indicating significant interest from traders. In the derivatives market, the total open futures contracts of Dogecoin increased by 6% in 4 hours and 15% in 24 hours, according to Coinglass data. The current open interest of 8.85 billion DOGE futures contracts is valued at $3.80 billion, signaling support for further price increase. Bluntz Capital analyst predicts that Dogecoin price will increase by 420% to $2.2. He also added that $1 will be reached soon as the DOGE/BTC chart points to a strong price surge. Rekt Capital, one of the leading analysts, said that the Dogecoin price chart has formed an ‘ascending triangle’ pattern on the daily chart. This means that the meme coin may experience another round of money flow. He also added that DOGE needs to close the week above $0.43 to confirm a breakthrough to $1. Notably, DOGE has formed a ‘golden cross’ on the 4-hour chart, which could trigger a price surge to $2.