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Dogecoin Eyes 900% Surge as Musk Ties it to US Debt

Dogecoin Eyes 900% Surge as Musk Ties it to US Debt

After Bitwise DOGE ETF filing and Elon Musk’s D.O.G.E., to target the US debt, an analyst has predicted a 900% surge in Dogecoin price.

The Dogecoin price continues to be closely monitored by traders, as the meme token is inciting significant optimism in response to broader market developments. To provide context, the DOGE advisory panel, led by Elon Musk, accomplished a substantial financial feat by focusing on the $36 trillion U.S. national debt crisis. Conversely, there has been a recent surge in speculation regarding the potential launch of a Dogecoin ETF in 2025, as evidenced by recent filings and the pro-crypto sentiment that has emerged during Trump’s presidency.

Consequently, investor sentiments regarding the meme token with a dog theme remain highly optimistic despite the impending FOMC. A prominent crypto analyst states that a 900% price increase is imminent.

According to a crypto analyst, the price of Dogecoin is expected to increase by 900%

Ali Martinez, a crypto analyst, expressed a highly optimistic outlook on the price of Dogecoin in an X post on January 29. He cited historical trends in doing so. Per the analyst, DOGE is the token that traders should avoid betting against, as it has the potential to increase by nearly 900% in a mere 48 hours, as it did in 2021.

Source: Ali Martinez, X

This statement has sparked a torrent of debate, as it contradicts the present market trend in advance of the U.S. FOMC. The crypto market is under pressure, as the consensus indicates that unchanged interest rates are expected to prevail.

In response, the price of DOGE decreased by nearly 1% today, reaching $0.3316. However, the broader developments surrounding Elon Musk and the potential emergence of an ETF for the meme-themed asset maintain a positive outlook for future price movements.

Musk’s DOGE reduces federal government spending by $1 billion daily

Elon Musk’s Department of Government Efficiency recently accomplished an extraordinary financial accomplishment. DOGE is assisting the Federal Government by saving approximately $1 billion per day, as stated in an official X post by the advisory panel.

This maneuver can generate $365 billion in annual savings by halting non-essential hires, eliminating DEI programs, and cracking down on improper payments abroad. Additionally, the advisory panel’s post disclosed that its objective is to increase this sum to $3 billion daily. Furthermore, this accomplishment could contribute to the resolution of the current $36.22 trillion U.S. debt crisis.

Musk reiterated the debt issue in a recent X post, asserting that “it is crucial to take action.” These developments were highly successful and generated enthusiasm for the Dogecoin price, as the Tesla & SpaceX leaders wielded significant influence over the token. Concurrently, the ticker of the meme coin bears a striking resemblance to the department’s acronym, which has intensified market discussions.

Source: Elon Musk, X

The Dogecoin ETF Filing Considers Additional Optimism

The recent S-1 filing for a DOGE ETF has shifted the balance in favor of the meme token. According to CoinGape, Bitwise has submitted an application for a Dogecoin ETF to the U.S. Securities and Exchange Commission (SEC). This filing has garnered significant attention from market observers. Consequently, investors are filled with optimism in anticipation of a prospective approval.

Additionally, the likelihood of approval has increased due to Gary Gensler’s departure from the regulatory body, which is anti-crypto. The Dogecoin price may experience a remarkable rally if this accomplishment is accomplished shortly. Additionally, Ali Martinez suggested that the meme coin’s price could experience a 900% increase in response to Elon Musk’s DOGE advancements.

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