In a recent speech, Senate DOGE Caucus Chair, Republican Sen. Joni Ernst (Iowa), placed a canvas of DOGE taking over Washington, D.C., a variation on a popular meme in Dogecoin.
Ernst stressed the importance of the newly formed department, saying: “So I invite anyone in this institution, and everyone who may be watching at home and has thoughts, to join this conversation and our movement – because DOGE is inevitable.”
Musk shared part of the speech on X, using an American flag as an emoji.
Musk has been an enthusiastic supporter of the DOGE memecoin, and the acronym of the upcoming ministry reflects that affinity.
Price Action: Meanwhile, cryptocurrency DOGE has failed to rally on these developments. As of writing, it is trading at $0.326, down 4.56% over the past 24 hours, according to Benzinga Pro.
Recently, about $70 million of DOGE tokens poured into Binance, causing the price of Dogecoin to fall by more than 10% in the past three days, and the earlier gains were instantly wiped out. However, in the first week of 2025, the price of Dogecoin rose by 18% against the trend to $0.40. Behind this rebound, the holdings of whale accounts surged by 400%. This is obviously a positive sign. The volume indicator also suggests the possibility of an increase. MACD shows a bullish trend. A new wave of hoarding may appear in the next few days.
In the futures market, open interest (OI) fell slightly to $3.43 billion, a drop of 1.29%, but bulls are still confident of a rebound. Currently, most traders choose to short DOGE, which may become a potential positive signal. If whales enter the market again, the squeeze effect of shorts is likely to be triggered, forcing traders to buy back, and the price of Dogecoin is expected to hit a new high again.
From historical trends, psychological levels to trading volume indicators, all indicate that Dogecoin may be entering an accumulation phase. It is not impossible for the price of Dogecoin to surge in the next few days. However, for this to happen, the "risk" of the market must remain high, and investors will choose safe-haven funds to flow into meme coins like Dogecoin.