Dogecoin (CRYPTO: DOGE) traded higher overnight on Sunday despite the Ministry of Government Efficiencythe once-hyped government austerity initiative Elon Muskbe dissolved.
DOGE outperforms Bitcoin, Ethereum
The popular memecoin is up more than 2% in the past 24 hours, with trading volume increasing 2.43% to $1.5 billion. DOGE even won Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO:ETH) And XRP (CRYPTO:XRP) in said period.
The rise in spot price piqued the curiosity of derivatives traders, with open interest in DOGE futures rising 3.27% in the past 24 hours. according to to Coinglass.
Ali Martineza widely followed cryptocurrency analyst and trader, saw a ‘buy’ signal for the memecoin from the TD Sequential indicator, mirroring an earlier signal that resulted in a 101.5% rally.
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and depletion patterns.
See also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
End of the road for Musk’s DOGE?
The currency’s rally was also notable because it occurred despite the price Scott Cooperdirector of the Office of Personnel Management, confirming that the Department of Government Efficiency no longer exists.
DOGE launched in January, with Musk promising $2 trillion in savings, an idea that initially received full support from the president Donald Trump. Musk later parted ways with Trump in June over the president’s tax and spending bill.
Dogecoin gained significant momentum after Trump’s victory and the subsequent announcement of the DOGE initiative. Although there was no direct connection, Musk’s pun caused investors to associate the memecoin with the government.
Price promotion: At the time of writing, DOGE exchanged hands at $0.1465, up 2.60% in the past 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Akif CUBUK on Shutterstock.com
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