- Dogecoin experienced a 3.14% price increase after the news of Elon Musk’s blockchain initiative for the Department of Government Efficiency
- The memecoin’s market performance may serve as an informal gauge of the Department’s progress
- Successful implementation of blockchain solutions could positively impact Dogecoin’s value
Since the Presidential inauguration on January 20th, Dogecoin buyers have had an extremely bad time holding up the value of the memecoin.
During this timeframe, $DOGE lost over 5 cents of its value, losing $0.40 margin on January 18th until today’s $0.35 per token. Over the last 7 days, the memecoin saw its value decrease by over 8.69% — putting hopes of another bull run on hold.
The currency found support in the historic $035 resistance, a margin that buyers have been successfully maintaining throughout the week.
The current zone can be seen as a “make or break” margin for Dogecoin, as it has served as support ever since its 217% growth in November of last year.
Elon Musk To Use Blockchain Tech to Aid D.O.G.E.
Dogecoin found much-needed relief today after Bloomberg’s report regarding the multi-billionaire Elon Musk planning to adopt blockchain technology to help him automate and track federal spending in his new role as head of the Department of Government Efficiency (DOGE).
Since the news arose, $DOGE saw an increase in volume, leading to a sharp price growth of 3.14% in only an hour.
It’s certainly interesting to see how the memecoin has attached itself to the department, despite not having an active role in it. Moving forward, Dogecoin’s market performance may serve as an informal gauge of the Department’s progress.
If the DOGE initiative successfully implements blockchain solutions to improve transparency and efficiency, we could see a positive ripple effect on Dogecoin’s value.
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