The Dogecoin whales have made headlines with a massive selloff recently, which has sparked market concerns. Notably, two whales have collectively sold over 219 million DOGE to a leading crypto exchange, with experts keeping close track of the development’s impact on price. Besides, the dump also comes a day after Elon Musk backtracked from his expectations of cutting US Federal spending with the Department of Government Efficiency (D.O.G.E.).

Dogecoin Whales Dump 219 million DOGE

The recent dump by the Dogecoin whales has caught the eyes of investors, with many speculating the move to significantly impact the DOGE price ahead. According to Whale Alert data, the large investors have dumped 219 million DOGE, worth around $74 million. This has fueled discussions in the broader meme coin community.

Detailed Look Into The Whales Move

According to Whale Alert, an investor, identified by the wallet address “D7fXy…4QLW3” has moved 106.43 million DOGE, valued at around $35.88 million, to the Coinbase exchange. Following that, another trader conducted a similar move. In a separate transaction, the whale with wallet address “D8hi4..RsF1j” moved 112.62 million coins, worth around $37.99 million, to the same leading crypto exchange.

Notably, these selloffs came as the Dogecoin price recorded a slight recovery today after volatile trading this week. Notably, most of the top meme coins, alongside other assets, have recorded massive volatility this week. However, these recent dump indicates a waning risk-bet appetite of the investors towards these assets. Simultaneously, it also comes as Elon Musk has lowered his expectations with the Department of Government Efficiency (D.O.G.E.).

Elon Musk Lowers D.O.G.E. Expectations

Elon Musk has downgraded his initial estimate of cutting $2 trillion from the federal budget as co-head of the Department of Government Efficiency (DOGE). In a recent interview with Mark Penn, Musk stated that the $2 trillion figure was a “best-case outcome” and that he now thinks cutting half that amount is a more realistic goal.

In other words, Musk’s revised estimate is a significant departure from his earlier claim of slashing “at least $2 trillion” in government spending during a Trump rally in October. This reversal has sparked concerns in the crypto community, particularly among Dogecoin investors, given Musk’s previous support for the meme coin. Besides, the department’s acronym also resembles the Dogecoin ticker, which has further added to the discussions recently.

So, it appears that these statements of Musk could have impacted the market sentiment and acted as a catalyst for the recent dump. However, there are several other factors that may have caused the recent Dogecoin whale dumps.

How’s Dogecoin Price Performing?

DOGE price today declined almost 2% and exchanged hands at around $0.33, while its trading volume fell almost 15% to $3.62 billion. This price decline has occurred partly due to the bearish sentiment in the broader crypto following the release of a strong US job data and reduced expectations of a Fed rate cut this year.

Notably, the crypto has touched a 24-hour high and low of $0.3385 and $0.3151, respectively. However, despite the surge, CoinGlass data showed that the top dog-themed meme coin’s Futures Open Interest fell 1.5%, reflecting a bearish sentiment in the market.

Meanwhile, a recent DOGE price analysis indicates that the crypto could soon target the $0.35 mark. Besides, the leading crypto asset management firm, Grayscale has recently considered DOGE, HBAR, and others, as the crypto assets under consideration for future investment products. This has further bolstered market sentiment, offsetting the recent Dogecoin whale dump concerns.

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A top analyst recently predicted Dogecoin price’s likely rally to $5 ahead, with soaring global interest towards the digital assets space. On the other hand, the recent comment from Y Combinator CEO Garry Tan has further fueled speculations. In a recent X post, the CEO said that the meme crypto is likely to go up if Elon Musk’s Department of Government Efficiency (D.O.G.E.) fixes the US inflation.

Dogecoin Eyes Rally As Elon Musk’s D.O.G.E. Targets US Inflation

Dogecoin has witnessed impressive growth over the past few days, with increasing focus of the investors towards the meme coins sector. In addition, Elon Musk’s tie to the leading meme coin has further boosted its appeal among traders.

Now, the Department of Government Efficiency (D.O.G.E.), a department created by Donald Trump and led by Musk, focuses on cutting government spending. D.O.G.E. said that excessive government spending is the root cause of inflation. With Vivek Ramaswamy at his side, Musk’s department seeks to implement robust fiscal policies to curb overspending and reduce inflationary pressures.

Relation Between Dollar & Crypto

Meanwhile, Garry Tan, CEO of Y Combinator, recently highlighted the link between Dogecoin’s potential rally and D.O.G.E.’s success. In a recent X post, Tan explained how government overspending inflates the money supply and devalues the dollar. Besides, he predicted Dogecoin could surge in 2025 if “Elon’s DOGE is successful” in tackling the soaring prices.

Tan shared a video explaining the inflation crisis. The video outlined how inflation arises when governments create excessive cash. With the US money supply growing ten times faster than the economy, inflation has surged, eroding the purchasing power of everyday Americans.

Tan emphasized the need for strict spending caps to halt further monetary dilution, which also resembles the vision of Donald Trump and his associates like the Tesla CEO.

Notably, Elon Musk responded to the post, agreeing with the analysis. He noted that if inflation is controlled, the dollar price of cryptocurrencies like Dogecoin may decrease. However, he also highlighted that the value of crypto remains tied to its scarcity and utility rather than dollar inflation.

DOGE Rally To $5 Imminent?

The crypto community has taken note of Musk’s bold move to address inflation. Besides, analysts speculate that the Dogecoin price could witness a strong rally, driven by its cultural appeal and increasing adoption as a payment method.

On the other hand, Elon Musk’s influence on Dogecoin is no secret, and his association with D.O.G.E. strengthens investor confidence. Recently, speculations have soared over a potential DOGE integration to X payments alongside other cryptocurrencies.

In addition, crypto enthusiasts believe Dogecoin could emerge as a reliable store of value if Musk’s D.O.G.E. could resolve the US inflation woes. Amid this, a top analyst predicts a potential Dogecoin rally to $5, which has sparked market optimism.

Meanwhile, in a recent X post, analyst CryptoELlTES said that a major move for the leading dog-themed meme coin is “just getting started.” In addition, he has set three targets for DOGE at $0.75, $1.5, and $5. Besides, he also said, “Even higher targets are on the horizon!”

Notably, DOGE price today was up 1% to $0.3868, while its trading volume jumped 26% to $3 billion. Notably, the crypto has touched a high and low of $0.3978 and $0.3826, respectively. Besides, the recent DOGE whale transactions also indicate a potential rally of the meme coin.

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OpenAI News: American entrepreneur and billionaire Elon Musk again caused a stir across the technology industry on Monday, calling Sam Altman’s AI firm a “profit-maximizer.” Notably, the Tesla & SpaceX CEO recently took to X, taking a dog at the gen-AI company amid already prevailing legal woes. Sam Altman’s firm’s initial commencement as an open source, but a later for-profit switch, currently presents the AI firm with severe legalities.

OpenAI News: Elon Musk Unhappy With The AI Giant’s For-Profit Switch

In a recent X post by Elon Musk dated January 6, the Tesla & SpaceX lead stated, “OpenAI was funded as an open source, nonprofit, but has become a closed source, profit-maximizer.” Notably, this post comes against the backdrop of another X post by IBC Group co-founder Mario Nawfal. Nawfal revealed that the AI giant currently faces legal woes in the wake of Encode, a youth-led organization, filing an amicus brief against Sam Altman’s firm amid the Musk vs. Altman saga.

The amicus brief urges a federal court to block the firm’s transition to a for-profit entity. Simultaneously, Encode warns that the for-profit transition could “expose humanity to existential AI risks for the sake of investor returns.”

On the other hand, in another X post on the same day, Musk stated, “Geoff Hinton is a good man.” Notably, Geoffrey Hinton is among the leading AI researchers who support Encode’s amicus brief in the Musk v. Altman chronicle. The amicus brief urges the U.S. District Court in Oakland to block OpenAI’s proposed restructuring into a for-profit entity, emerging as buzzworthy news across the industry.

Musk vs. Altman Saga: What’s The Scoop?

Intriguingly, the American billionaire is in strong opposition to Sam Altman’s AI firm’s for-profit switch. This counter was in regard to the firm’s inception as an NPO, which aided it with numerous tax and other benefits from its nonprofit status.

Meanwhile, coinpress reported that Meta CEO Mark Zuckerberg also joined Musk in his battle against the AI firm’s for-profit switch. Meta issued a formal letter to California Attorney General Rob Bonta, requesting the state to block the AI firm’s transition. Notably, this series of OpenAI news has gained significant traction across the industry as the firm’s future remains uncertain.

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The speculations over Elon Musk’s X payment launch have soared recently, with several renowned figures and influencers have put their bets on it. Amid this, the investors’ hope for a potential DOGE rally has also been intensified, as evidenced by the recent comments from the experts. Also, Musk’s tie to the meme coin sector and his prior backing for Dogecoin have further sparked optimism.

Elon Musk’s X Payment Launch Speculations Fuels Crypto Hope

The speculations over Elon Musk’s X payment launch soared as the tech mogul is gearing up to transform X into an “everything app.” According to a Forbes report, recent leaks suggest X Money, the platform’s payment system, could launch imminently without securing full regulatory approval in all US states. According to an X influencer Alex Finn, the newly released platform code hints at a rapid rollout.

Linda Yaccarino, X’s CEO, recently confirmed plans to introduce X Money by 2025. The payment system aims to integrate features like cryptocurrency support, mirroring China’s WeChat. While there is no official confirmation yet, speculation abounds that Bitcoin, Dogecoin, and stablecoins like Tether’s USDT may play pivotal roles.

Meanwhile, another X influencer Aaron, a contributor at MacRumors, also highlighted the development. In a recent social media post, he hinted towards a potential “X Money” launch “in the US before getting approval in all 50 states. Simultaneously, Jaime Rogozinski, founder of WallStreetBets, believes Musk is preparing to disrupt the digital currency landscape, calling it a “secret plan for stability.”

Notably, these developments have also fueled a potential Dogecoin integration to X payments. In other words, a flurry of investors is anticipating that Elon Musk’s X payment will allow DOGE to be an option for investors. It has also fueled hopes over a potential rally in the top meme coin ahead.

DOGE Eyes Rally Amid Musk’s Backing

The launch of Elon Musk’s X payment could pave a bullish way ahead for Dogecoin. For context, popular market expert Ali Martinez has recently fueled the speculation with his recent statement on the development. Commenting on the WallStreetBets founder’s post, Martinez said “It smells like DOGE in here”, highlighting Musk’s known affiliation with the token.

Simultaneously, Musk has recently shared a cryptic post, which has also fueled speculations towards a Dogecoin Reserve in the US. Additionally, the speculations were further fueled by Donald Trump’s newly formed Department of Government Efficiency (D.O.G.E.). The acronym of the department, led by Musk and Vivek Ramaswamy, resembles the Dogecoin ticker, which has also sparked heavy discussions in the broader crypto market.

On the other hand, the Tesla CEO’s tie with the crypto department has also gained notable traction lately. Recently, the tech mogul has changed his social media name to Kekius Maximus, which has fueled a massive rally in the meme coin’s price.

However, despite these developments, DOGE price today was down about 0.7% to $0.3833. The token has touched a 24-hour high of $0.3909 while adding about 20% to its price over the last seven days. Further, DOGE Futures Open Interest has also been noted over the past few days, indicating growing optimism of the investors towards the crypto.

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Dogecoin price opened trading at $0.38 on Saturday, January 4, up 25% since Elon Musk’s recent X profile updates stirred the global crypto community on December 31. With capital inflows outpacing price movements, can DOGE flip the $0.40 resistance? 

Dogecoin Emerges Top-gainer as Markets react to Elon Musk’s X profile update

Dogecoin has outperformed all of the top 10 cryptocurrencies this week as the global crypto markets made a positive start to 2025. Notably, the memecoin sub-sector attracted significant investors’ interest amid the ongoing rally, a move linked to Elon Musk. 

The Tesla and SpaceX CEO updated his X profile name to “Kekius Maximus” on December 31, while his profile picture featured a direct reference to PEPE.  This sparked intense speculation, driving up prices across the global memecoin markets, including Dogecoin.  

As depicted in the chart above DOGE price traded as low as $0.31 on December 31. Following Elon Musk’s profile updates, Dogecoin price increased by 25.8%, reaching $0.39 at press time on January 4. 

DOGE Traders Deploy $790M Fresh Capital in the Last 5 Days

However, while the updates have since been reverted, other vital market indicators suggest the bullish DOGE market momentum could linger. Notably, Dogecoin derivatives markets data shows fresh capital inflows recorded in the past week outpaces the current DOGE price gains, indicating further upside potential. 

In affirmation of this stance, Coinglass Open Interest chart below tracks real-time changes in capital stock invested with a cryptocurrency’s perpetual futures derivatives contracts. This serves as a proxy for monitoring the directional flow of capital around critical market phases. 

As highlighted above, Dogecoin open interest stood at $2 billion as of Jan 1.

But that figure has since skyrocketed by $790 million to $2.79 billion at press time on January 4, reflecting a 39.5% increase in capital stock underpinning the DOGE derivatives markets. 

Crucially, this means that the 39.5% growth in open interest has outpaced the 25% price gains observed in the DOGE spot markets.

When open interest rises quicker than prices, it flashes bullish signals for two key reasons.

First, the disproportionate growth in open interest relative to spot price gains suggests increasing leverage and heightened speculative activity in Dogecoin’s derivatives markets. 

Dogecoin Price Forecast: Breaching $0.40 Could Trigger More Gains

As fresh capital continues flowing into DOGE trading positions, the growing liquidity eases the path to further upside.

To amplify gains, highly leveraged DOGE traders are now incentivized to make rapid spot purchases, potentially driving prices above $0.40 in the days ahead. 

Technical indicators on the DOGEUSD daily chart also support this optimistic bullish price forecast with the Parabolic SAR dots moving below current prices, amid rising volumes. 

As seen below, Dogecoin price prediction hints that DOGE is positioned for further gains as it flirts with the $0.40 resistance level.

On the daily chart, Parabolic SAR dots remain below the current price, a clear indication of sustained bullish momentum.

Rising trading volumes confirm increasing participation, while a positive volume delta suggests buyers maintain control. 

This sets the stage for DOGE to test $0.42 as the next key resistance, with $0.47 acting as an extended target if upward momentum intensifies.

Conversely, the prevalence of highly leveraged LONG positions introduces risks of sharp downward volatility if sentiment reverses.

In a bearish scenario, DOGE could find initial support at the $0.36 territory —a key support level marked by prior accumulation. A deeper pullback could see DOGE price test $0.34, where another major historical buy-wall looms.

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Elon Musk’s influence on the crypto industry is not hidden from anyone. The multi-billionaire openly supports the crypto industry, especially the Dogecoin meme coin, but he has also shown support for others, including Kekius Maximus, whose price blew up 1200% recently. Interestingly, Musk again indirectly endorsed a Pepe-themed crypto, pumping CumRocket price by 400%. Let’s discuss what’s happening.

Elon Musk Tweet Pumped CumRocket Price to 6-Month High

Elon Musk is known for his open-book nature, where he speaks and does things freely. With this attitude, he took over Twitter and turned it into X and hundreds of other things. Interestingly, the same attitude pumped some of the cryptocurrencies massively, as Musk shared or talked about them in public, pumping their prices. This time, an adult-themed cryptocurrency, CumRocket (CUMMIES), rose 400% after Musk tweeted a joke on the IRS featuring a frog variation of the PEPE Apu Apustaja image.

Although the post was to mock the IRS tax reporting requirements, it referenced the popular meme coin. As a result, the CumRocket price surged 400%, reaching a six-month high at $0.0225. However, the hype did not last long, and the token’s price dropped to $0.009959, but it was still up by 136% in the 24-hour timeframe. Its market capitalization is $15,293,181, with $9,888,109 in trading volume.

Interestingly, this is not the first time Musk has interacted with this PEPE-themed meme coin. Musk also tweeted about the CUMMIES in June 2021, when the token-inspired meme was really popular. Even at the time, Musk’s involvement pumped the CumRocket price by 400% within just ten minutes.

Elon Musk Previously Pumped the Kekius Maximus By 1200%

The Kekius Maximus holders received the best New Year’s gift from the Tesla owner, who updated his X profile with Kekius Maximus on December 31. He changed his name and profile picture to this PEPE meme coin, eventually pumping the KEKIUS price by 1200%, currently trading at $0.154. The rally continued for two days before Elon changed his profile again. In this period, many crypto traders made heavy returns. One trader made 17,000% returns on KEKIUS investment within just 60 minutes.

However, those who followed FOMO and bought the token later experienced heavy losses. Musk’s changing profile led to selling sentiment among holders, which crashed the token. As a result, one person lost a Million within 12 hours.

Regardless of the fluctuations, Musk’s endorsement and interactions with cryptocurrencies have been amazing for the holders.

What’s In There For You?

Crypto investors use various trading strategies to profit from the market. One strategy is to follow influential people’s investments in their token endorsements, which usually boosts token prices. The best example is these two tokens, Kekius Maximus and CumRocket, which surged to new highs after Elon Musk’s tweet. Interestingly, many traders have made heavy profits from the CumRocket price rally, but the hype does not last long, putting the later boomers at risk of loss.

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Like any financial market, the crypto trading market often witnesses price fluctuations and different trends, which play a major role in the crypto’s price performance. However, if a crypto trader fails to understand the market, he can incur heavy losses. The prime example is this trader, who lost $1M after the Tesla owner’s actions crashed the token price. Let’s discuss what happened and how Elon Musk played a role.

Elon Musk Profile Update Ruined A Crypto Trader’s Portfolio

Two days ago, Elon Musk promoted a newly launched meme coin called Kekius Maximus by changing his X profile name and image. He also posted about the same token, increasing its demand multiple folds, which resulted in the KEKIUS price surging more than 900%. With that, many investors made heavy returns.

One investor made 17,000% returns within an hour, creating FOMO for other investors. Much similar news was seen in the market, leaving the netizens curious as to what was happening. Although Musk did not explain the reason behind his profile update or the meme coin endorsement, investors flocked to the opportunity in hopes of heavy profits.

However, that was the biggest mistake for this crypto trader (rektdolphin.eth), who exchanged his millions of PEPE holdings for the KEKIUS. This is because Elon removed the meme coin from his profile, crashing the token by 90%. Although this is a part of the crypto industry where such changes crash a token, this is heartbreaking for investors who become victims.

Crypto Trader Lost $1M After FOMO Buying

After seeing the other investors making returns, Kekius Maximus, the trader, decided to invest in the same trending meme coin. However, to his surprise, Elon Musk changed his X profile again, crashing the token.

Crypto analyst Azan explained that the trader exchanged 62B PEPE, equivalent to $1.2M for 4.23M KEKIUS. However, with the Keiums Maximus price crash, the holding value dropped to $290k, leaving the trader with a $1M loss.

Even at the time of writing, Kekius Maximus was still struggling, per Coingecko. It has lost 50% of its value in the last 24 hours. Additionally, it achieved the ATH of $0.4011 during this period but has since moved 60% away from that. The KEKIUS price is currently at $0.141, with a market capitalization of $122,696,938, leaving many investors with severe losses.

What’s The Lesson Here?

Challenges and uncertainties are major parts of the crypto trading industry that could make or fail a cryptocurrency. In the case of Kekius Maximus, Elon Musk’s involvement became the biggest blessing, but the same became a big lesson for this crypto trader who lost $1M in FOMO. As KEKIUS is a newly launched token, investors mistook it as an opportunity that could create heavy returns, and it did in Musk’s support, but it lacked supporting factors, which is why it crashed as soon as Musk moved from it. This is why it is important to do market research and technical analysis before investing in crypto rather than blindly investing in hyped tokens.

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In an unprecedented turn of events, American billionaire Elon Musk has set off waves of market discussions with his recent DOGE post on X. On Thursday, the Tesla & SpaceX CEO lead posted on X, a dollar bill with a Dogecoin-dog logo, sparking speculations of a Dogecoin reserve in the pipeline. As a response, market watchers are anticipating remarkable gains in DOGE’s price ahead despite the recent market volatility.

Elon Musk’s DOGE Post Sparks Speculation Over Dogecoin National Reserve

In an X post on December 31, Elon Musk shared a pic of a dollar bill with the logo of the Shiba Inu dog breed behind Dogecoin instead of George Washington. Notably, the pic is about three years old, saved on Musk’s laptop, and is a sticker gifted by a German guy. This post has set off market-wide speculations of whether a Dogecoin reserve could be in the pipeline.

This move has sparked discussions in the broader crypto market, especially with Musk’s previous backing for the top meme coin. Besides, the recent shifting focus of investors towards the meme coin sector has further fueled speculations in the market.

Meanwhile, the Tesla & SpaceX CEO has previously backed the top dog-themed meme cryptocurrency, which has gained notable traction from the market participants. Simultaneously, a stockpile of other events has cemented Dogecoin’s stance as a top crypto asset, primarily in light of Elon Musk’s previous support and Donald Trump’s win in the U.S. elections.

What’s Next For DOGE?

Meanwhile, Elon Musk’s Department of Government Efficiency (D.O.G.E.) post under Trump’s presidency has substantially uplifted the market sentiment for Dogecoin. A recent coinpress report even revealed that Musk’s D.O.G.E., led by V. Ramaswamy, aims to tackle the U.S.’s $36 trillion debt crisis.

Also, speculations of the meme coin hitting the $4 mark have prevailed as the Tesla & SpaceX lead said D.O.G.E has real potential. DOGE price traded at $0.3437 on January 2, up substantially by over 9% at press time. Its 24-hour low and high were$0.3133 and $0.3442, respectively. Further, the asset’s 24-hour trading volume soared over 50% to reach $2.86 billion, underlining trader positivity surrounding the crypto.

Meanwhile, a recent Dogecoin price analysis by coinpress revealed that the token also eyes a potential $20 target this bull cycle, further solidifying bullishness in light of the abovementioned developments. Considering all these aspects, it is likely that the DOGE price is gearing up for a robust rally amid soaring anticipation over a broader crypto market rally.

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A few crypto tokens often go against the odds, making heavy returns despite the market crash. One such crypto made 17,000% returns for a crypto trader after its price blew up within an hour. Interestingly, the multi-billionaire Elon Musk has played a major role in this, shocking everyone. Let’s understand what’s happening and how Elon’s involvement led to massive returns.

Elon Musk’s Profile Update Helped Crypto Trader Earn 17,000%

Tesla’s owner, Elon Musk, has been among the most influential people in the crypto trading industry. His single tweet about the market could change investors’ feelings, eventually crashing or lifting the market. His recent X profile update had the same impact, especially on one crypto. Interestingly, Musk changed his X profile name and picture to a meme coin, Kekius Maximus, boosting its price by 500%.

With that, a crypto trader who has invested $4,360 ended up with $638k after his investment grew 17,000% within just a few hours. Although Elon did not help the trader directly, his actions indirectly benefited the Kekius Maximus holders.

Lookonchain, an analytics crypto page, revealed that the crypto trader had invested $4,360 to buy 18.15M KM around 12 hours ago. However, a few hours ago, Elon Musk suddenly changed his X profile and even posted that “Kekius Maximus will soon reach level 80 in hardcore PoE,” eventually boosting the price of the meme coin.

What a lucky trader—or perhaps an insider!

9 hours ago, he spent $4,360 to buy 18.15M $KM.

Just one hour ago, @elonmusk changed his profile name to “Kekius Maximus,” sending the price of $KM soaring by ~17,000%.

The 18.15M $KM he bought is now worth $638K!… pic.twitter.com/FcYiYaD2wS

— Lookonchain (@lookonchain) December 31, 2024

Elon’s sudden move shocked many people, but he is known for such marketing tactics and for influencing the crypto trading market.

Not the First Time Elon Musk Changed His Avatar

Till now, Musk has not provided any explanation behind this move. Interestingly, this is not the first time he has changed this avatar. Before this, he has named himself Mr Tweet, Naughty Moniker, and whatnot. More importantly, he even changed the tweet logo to the Shiba Inu dog image, which denotes meme coins like Dogecoin and Shiba Inu.

Crypto traders are waiting for Elon’s comment on the situation. They are also eyeing Musk’s D.O.G.E. to resolve the $36T US debt. 

Interestingly, the Kekius Maximus is still rising, according to Coingecko reports. It currently trades at $0.1239 after an 880% surge in the last 24 hours. Moreover, its market capitalization is $124,075,780, with a trading volume of $71,111,178, which has increased impressively since Musk’s actions.

What’s The Main Lesson Here?

People with decent or higher lever crypto trading experience promote following the right strategies to stay profitable in this market. Interestingly, this crypto trader has its profit-making strategies, investing in a newly launched token, which seemed highly potential to him. Additionally, he eyed the situation and bought the token when it was reasonably priced. Interestingly, his luck turned in his favor, and Elon Musk’s actions boosted the token by 500%. The community has called the trader lucky, but some called him an insider trader, considering such heavy returns.

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The United States grapples with an alarming $36 trillion debt, sparking urgent calls for action among the market participants. Amid this, Elon Musk’s Department of Government Efficiency (D.O.G.E.), led by Vivek Ramaswamy, is being hailed as a potential game-changer. Traders and market enthusiasts speculate that this initiative might slash government spending while potentially boosting Dogecoin, as its ticker resembles the department’s acronym.

Can Elon Musk’s D.O.G.E. Resolve US Debt Crisis?

Elon Musk has repeatedly warned that unchecked government overspending could bankrupt the United States. Now, with the creation of D.O.G.E. under Donald Trump’s administration, the market eagerly awaits the potential impact of the department in resolving the issue. Besides, the prediction market platform Kalshi indicates growing confidence in the department’s potential to deliver significant spending cuts.

According to Kalshi data, the odds of D.O.G.E. achieving at least a $250 billion reduction in government spending have surged to 39%. Interestingly, 26% of traders predict cuts of $500 billion, while 18% expect reductions of $750 billion or more. A smaller, optimistic group believes a $1 trillion cut is possible, with an 11% probability.

Meanwhile, sharing these projections on X, Elon Musk emphasized the urgency of the matter and said “We either fix this or go de facto bankrupt.” Musk’s leadership through D.O.G.E. in addressing the crisis, paired with his track record of innovation, offers hope to many amid this financial turmoil.

Dogecoin Gains Momentum Amid Soaring Speculations

Elon Musk’s D.O.G.E. formation has also reignited enthusiasm for Dogecoin, the top meme coin long backed by Musk. Historically, Dogecoin has surged following Musk’s endorsements, and its association with the department’s acronym adds fuel to speculation.

Previously, the cryptocurrency experienced significant rallies when Musk publicly supported it through X posts. Besides, D.O.G.E.’s creation by the Trump administration has further strengthened this trend. While no official link exists between the department and Dogecoin, market participants are optimistic about another potential rally.

DOGE price today was up around 1% and exchanged hands at $0.3184, while its trading volume fell 6% to $2.31 billion. Over the last 24 hours, the crypto has touched a high and low of $0.3238 and $0.309, respectively. Furthermore, Dogecoin Futures Open Interest also spiked today to $2 billion, indicating that the investors are regaining confidence.

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Elon Musk xAI has raised $6 billion in its latest funding round, according to a filing with the U.S. Securities and Exchange Commission. This round adds to the $6 billion raised earlier this year, bringing the company’s total funding to $12 billion. The capital injection positions xAI to expand its generative AI initiatives and enhance its competitive edge.

Elon Musk xAI Achieves $12B Total Funding After Latest $6B Round

According to a recent report, Elon Musk xAI has successfully secured $6 billion from investors, including Andreessen Horowitz, BlackRock, Fidelity, Nvidia, and others. This latest funding round exclusively involved previous investors, many of whom had supported Musk’s acquisition of X (formerly Twitter).

The funds bring xAI total capital raised to $12 billion. The company plans to use this funding to accelerate the development of its generative AI model, Grok, and expand its ecosystem. This substantial financial backing positions the firm to compete with industry leaders such as OpenAI and Anthropic.

Moreover, the Grok AI model, developed by xAI, powers a range of features on X, including a chatbot available to premium and free users in select regions. Known for its functionality, Grok can generate images through the Flux generator, analyze visuals, and summarize trending news.

In October, xAI launched an API allowing developers to integrate Grok into third-party apps and platforms. The company also introduced a standalone iOS app for testing, further extending its generative Artificial Intelligence capabilities.

Memphis Data Center and Infrastructure Upgrades

To support its ambitious goals, Elon Musk xAI operates a Memphis data center equipped with 100,000 Nvidia GPUs. The facility, constructed in just 122 days, currently relies partly on diesel generators. According to the blog post, the company has plans to double the center’s capacity in 2025, securing approval for additional power.

The upgraded infrastructure will also benefit Tesla, with plans to integrate xAI’s developments into autonomous driving technologies. This expansion reflects Elon Musk’s vision to enhance AI applications across industries.

While Elon Musk’s xAI has made rapid advancements, it continues to face fierce competition. Rivals such as Anthropic and OpenAI have also secured billions in funding.

Following the growing competition, earlier this month, the Tesla CEO filed a lawsuit against OpenAI and Microsoft, accusing them of anti-competitive practices. The lawsuit alleges that OpenAI coerced investors to avoid supporting rivals like Musk’s xAI. Musk’s legal team claims that Microsoft’s $13 billion investment in OpenAI led to conflicts of interest and market manipulation

In addition, Meta CEO Mark Zuckerberg emphasized the need for stricter oversight to prevent nonprofit entities from exploiting their status for financial gain. Joining Elon Musk, Zuckerberg called for a formal investigation into OpenAI’s transition, highlighting potential misuse of tax-exempt donations and resources.

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Elon Musk has reignited a political feud with Senator Elizabeth Warren after accusing her of acting on behalf of Sam Bankman-Fried’s parents. Musk’s comments came amid Warren’s criticism of his role in President-elect Donald Trump’s transition team. Musk stated that the letter Warren wrote questioning his involvement in the Department of Government Efficiency (DOGE) was influenced by SBF’s parents, further escalating tensions.

Senator Warren Criticizes Elon Musk Influence on Donald Trump’s Government

Senator Elizabeth Warren penned a letter urging Donald Trump to establish ethical guidelines around Elon Musk’s appointment to Trump’s transition team. Warren expressed concerns about Musk’s growing influence and his leadership role in DOGE. She emphasized that Musk’s vast business interests, including Tesla and SpaceX, could create potential conflicts of interest.

Warren noted that Musk’s companies have received billions in government contracts and are often at odds with federal agencies. She called on Trump’s team to clarify whether Musk would recuse himself from matters involving his businesses and what safeguards are in place to prevent ethical violations.

Senator Warren added, 

“Mr. Musk is no ordinary citizen, Musk’s substantial private interests present a massive conflict of interest with the role he has taken on as your ‘unofficial co-president. Currently, the American public has no way of knowing whether the advice that he is whispering to you in secret is good for the country, or merely good for his own bottom line.” 

These developments come as the US SEC continues its scrutiny of Elon Musk’s $44 billion acquisition of Twitter. SEC’s extended deadline provides Musk additional time to respond, while the possibility of a Wells Submission looms if compliance is not met.

Tesla CEO Claims Warren’s Criticism Stems From SBF’s Parents

In response to Elizabeth Warren’s accusations, Elon Musk alleged that Sam Bankman-Fried’s parents influenced her letter. He claimed the criticisms against him are politically motivated and part of a broader agenda. Musk’s statements sparked fresh controversy as Bankman-Fried’s legal troubles and political ties remain a focal point in public discourse.

Musk’s accusations add a layer of complexity to the ongoing feud. The Tesla CEO has previously clashed with Warren over various regulatory issues, including Tesla’s labor practices and investigations into Neuralink. 

Musk commented, 

“The person actually writing these things from Pocahontas are SBF’s parents btw.”

Senator Elizabeth Warren urged Trump to ensure Elon Musk adheres to strict ethics agreements as part of the DOGE initiative.

DOGE Role in the Trump Administration

Elon Musk dismissed the accusations of ethical misconduct, defending his role in Trump’s transition team. Musk asserted that national interests rather than personal gain drive his leadership.

Most recently, the Tesla CEO said that D.O.G.E. would play a crucial role in ending US inflation by eliminating government overspending. Musk emphasized that controlling unnecessary federal expenditures could stabilize prices and reduce inflationary pressures.

Trump also backed Elon Musk, denying any conflict of interest. The President-elect reiterated that Musk’s involvement in DOGE aligns with broader efforts to eliminate government waste. 

Despite Warren’s concerns, Trump expressed confidence when asked about the Tesla CEO conflict of interests. Speaking to Time magazine he said,

“I don’t think so, I mean, he’s in a lot of companies, but he really is, and I’ve seen it. He considers this to be his most important project, and he wants to do it.” 

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Meta CEO Mark Zuckerberg has recently joined Elon Musk in opposing OpenAI’s controversial move to become a for-profit entity. In a formal letter to California Attorney General Rob Bonta, Meta requested the state to block the AI firm’s restructuring, saying that it has shifted from its nonprofit origins and risks distorting Silicon Valley’s startup ecosystem.

Besides, concerns over AI ethics and transparency have further escalated following the tragic death of whistleblower Suchir Balaji, a former OpenAI researcher, adding a somber tone to the ongoing debates.

Meta Aligns With Musk To Block OpenAI’s For-Profit Plans

Meta Platforms has joined Elon Musk in opposing OpenAI’s transition to a for-profit model. According to a Wall Street Journal report, Meta sent a formal letter to California Attorney General Rob Bonta, warning that the AI firm’s restructuring could exploit nonprofit resources for private gain.

The letter accuses the firm of betraying its foundational goals, established when it launched as a nonprofit organization in 2015. Meta CEO Mark Zuckerberg echoed Musk’s concerns that the company’s shift could pave the way for Silicon Valley startups to misuse nonprofit models for financial advantage. Both Zuckerberg and Musk are calling for a legal investigation to ensure accountability in the firm’s transition.

Elon Musk, a co-founder of OpenAI, has long criticized the company’s for-profit trajectory. He claims it contradicts the original vision of OpenAI as a public-serving nonprofit, free from corporate incentives. Besides, Musk has also filed a lawsuit recently against Microsoft and OpenAI over anti-trust claims. With Zuckerberg now in the picture, the opposition gains significant momentum.

Mark Zuckerberg and Musk: A United Front in the Fight Against OpenAI

Mark Zuckerberg, despite his history of rivalry with Musk, has emerged as a key ally in this legal battle. Meta’s letter emphasizes that the AI firm’s shift to for-profit status could disrupt Silicon Valley’s innovation ecosystem. It further warns that the move might encourage other startups to exploit nonprofit models for financial benefits.

As per Wall Street Journal, Meta has called for an investigation into OpenAI’s practices, including potential misuse of tax-free donations. Zuckerberg’s involvement signals Meta’s vested interest in maintaining ethical boundaries in AI development.

Meanwhile, OpenAI defended its for-profit model in an X post, claiming Elon Musk had previously supported the idea to secure investments for advanced AI research. OpenAI also shared Musk’s 2017 proposal for a for-profit entity within the company.

Tragic Suicide Sparks Broader AI Ethics Debate

The fight over OpenAI’s future has taken a grim turn with the death of whistleblower Suchir Balaji. The 26-year-old former OpenAI researcher, who previously raised concerns about copyright breaches in AI systems, was found dead in his San Francisco apartment. Authorities ruled his death a suicide, with no evidence of foul play.

Balaji’s passing has amplified discussions around the high-pressure environment in AI research. Critics argue that OpenAI’s pursuit of profit compromises its ethical responsibilities, further escalating tensions in the industry. Amid this, the recent developments from Meta CEO Mark Zuckerberg has sparked further discussions in the market.

As the case unfolds, critics argue that OpenAI’s profit-driven approach contradicts its foundational goals. This raises broader questions about accountability, transparency, and ethical responsibility in AI development. Meanwhile, OpenAI’s video generation platform has gone live adding another layer to its evolving AI capabilities.

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Ripple CEO Brad Garlinghouse backed Elon Musk, as the Tesla CEO criticized the US SEC. This has gained notable traction from market enthusiasts, especially after Chair Gary Gensler recently targeted Elon Musk. On the other hand, the prolonged legal battle between Ripple and the agency has also fueled discussions in the market amid anticipation over a pro-crypto regulatory environment in the US.

Ripple CEO Brad Garlinghouse Backs Elon Musk

Elon Musk’s criticism of the US SEC gained widespread attention when he called the agency a “political tool” used for “dirty work.” His remarks followed news of the US SEC Chair Gary Gensler sending a notice to his company Neuralink, sparking reactions from political figures and crypto advocates alike.

Ripple CEO Brad Garlinghouse backed Musk by reposting his comment, signaling solidarity in their shared frustration with the agency. Ripple has long been entangled in a legal battle with the agency, with the XRP lawsuit challenging its native crypto’s status as a security becoming a flashpoint in the crypto regulation debate.

Meanwhile, legal experts and politicians have joined the conversation. Cory Liu, an adjunct professor at the University of Texas School of Law, highlighted a recent court ruling against the SEC. The court declared the SEC had overstepped its authority by enforcing a Nasdaq policy requiring diversity quotas for corporate boards. Liu argued that the SEC should focus on ensuring fair markets, not enforcing identity-based quotas.

Presidential candidate Vivek Ramaswamy criticized the SEC, suggesting repeated legal losses undermine its credibility. U.S. Senator Mike Lee echoed this sentiment, stating that the US SEC “cannot be trusted” as an independent body.

Crypto Market Eyes Pro-Crypto Regulation

Ripple CEO Brad Garlinghouse has also previously criticized the US SEC and its Chair Gary Gensler for their stance against the crypto market. The recent developments have gained widespread attention from market enthusiasts. On the other hand, the D.O.G.E., led by Elon Musk and Vivek Ramaswamy has also sparked discussions in the market.

Besides, the timing of these developments has intensified scrutiny of the SEC’s practices, especially with Gary Gensler set to step down in January. Gensler, often criticized for his tough stance on crypto, has faced backlash over his approach to regulatory enforcement.

For Ripple, the stakes remain high as its ongoing case with the SEC could shape the future of crypto regulations in the U.S. Garlinghouse’s alignment with Musk adds momentum to growing calls for a pro-crypto regulatory framework.

The incident also highlights broader concerns about regulatory overreach. Many industry leaders argue that the agency’s focus on political agendas detracts from its primary mission of market fairness. As discussions heat up, all eyes are on how these critiques might influence U.S. crypto policies in the post-Gensler era.

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Popular billionaire and serial entrepreneur Elon Musk has received an extension from the United States Securities and Exchange Commission (SEC) for his response to the Twitter inquiry settlement offer. The market regulator pushed the deadline to December 16 in the hope that Musk would file a response.

US SEC Compromises on its Deadline to Elon Musk

For a background into the matter, the securities regulator sent Elon Musk a settlement offer on Tuesday. The SEC requested a response in 48 hours, which should have been on December 12. Instead of his response, Musk shared a copy of a letter sent by his lawyer to Gary Gensler, SEC Chair, saying staff of the Commission gave him 48 hours to agree to pay a penalty or face charges.

US SECURITIES AND EXCHANGE COMMISSION HAS EXTENDED TIMELINE FOR ELON MUSK TO RESPOND TO SETTLEMENT OFFER IN TWITTER PROBE UNTIL MONDAY, SOURCE SAYS

IF MUSK DOES NOT RESPOND SEC WOULD PROCEED TO A ‘WELLS SUBMISSION’ AND POTENTIAL NEW SETTLEMENT DISCUSSION, SOURCE SAYS

— *Walter Bloomberg (@DeItaone) December 13, 2024

The decision to move the deadline to Monday, is in concession to a request for more time. It is not yet certain that the Tesla CEO will comply with the request of the court. His lawyer Alex Spiro referred to the recent SEC actions as nothing but an “endless investigation campaign” targeted at the Tesla boss.

Per the extension granted, the case might proceed to the US SEC issuing Elon Musk a “Wells Submission” if he fails to comply.

Notably, the tech billionaire has been webbed in legal chaos with the SEC for sometime. However, this time around, the agency is investigating his $44 billion takeover of Twitter, which Musk later rebranded to X. Precisely, SEC is checking to know whether Elon Musk broke securities laws when he bought X stock two years ago.

Consequently, they are looking into statements and filings he made in relation to the deal. SEC has asked for court enforcement of a subpoena to compel Elon Musk to testify on the matter.

The probe on Neuralink

There is also a fresh investigation into Musk’s brain-computer interface (BCI) company, Neuralink. The call to probe the neurotechnology firm first surfaced in 2023. At the time, lawmakers questioned the safety of the company’s brain implant technology. Although Musk’s claimed it was safe, there were still some concerns.

Till now, the securities regulator is yet to disclose the exact nature of these charges though it refers to it as a multi-year investigation. In the face of this situation, Elon Musk wrote: “Oh Gary, how could you do this to me?”

Meanwhile, the court denied the Commission’s request to sanction Musk regarding the X acquisition deal for $44 billion last month.

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Donald Trump’s transition team is reportedly planning a major overhaul in the country’s banking sector by reducing, consolidating, and even eliminating key banking regulators in Washington. Advisors from the newly formed Department of Government Efficiency (DOGE), headed by Elon Musk, are mulling the possibility of abolishing the Federal Deposit Insurance Corporation (FDIC).

Will Donald Trump Eliminate FDIC?

Advisors from DOGE conducted interviews for roles in the FDIC and the Office of the Comptroller of the Currency (OCC). Besides, they also floated the idea of transferring the responsibilities of deposit insurance to the Treasury Department. However, such an overhaul would need Congressional approval and would be the first time in history that the US government is likely to abolish a legacy agency.

On the other hand, bank executives are optimistic that President-elect Trump will roll back stringent regulations on capital requirements and consumer protections. However, some market analysts also believe that FDIC-backed deposit insurance is untouchable and “too big to fail”. While addressing the New York Stock Exchange on Thursday, December 12, Donald Trump also said that he has big plans for the crypto market. In a brief interview with Jim Cramer, Trump said:

“We’re going to do something great with crypto because we don’t want China or anybody else, not just China but others are embracing it, and we want to be the head”.

The discussions reflect Donald Trump’s aggressive approach to cutting government size and easing oversight of the heavily regulated financial sector. As a result, his transition team comprising Elon Musk, Scott Bessent, and Vivek Ramaswamy, is reportedly considering merging the FDIC, OCC, Federal Reserve nonmonetary functions, and the National Credit Union Administration (NCUA).

On the other hand, crypto leaders like Brain Armstrong, CEO of Coinbase, have voiced their opinion on the removal of anti-crypto regulators like Caroline Crenshaw from the Senate Banking Committee.

Operation Choke Point, Industry Reactions, and Broader Implications

Crypto industry leaders have been calling to eliminate regulators behind Operation Choke Point 2.0. Tyler Winklevoss, the co-founder of the crypto exchange Gemini stated:

“Eliminating the FDIC would bring us one step closer to ending the weaponization of the US banking system and preventing Operation Choke Point from ever happening again”.

On Thursday, pro-crypto Rep. French Hill was chosen to head the House Financial Services Committee, with a focus on stablecoins and cryptocurrency regulations. Former FDIC Chair Sheila Bair expressed skepticism about eliminating a bank regulator, noting that banks value maintaining relationships with specific agencies. Speaking to WSJ, she said:

“We could use some streamlining on financial regulation. But it is really hard to get done. Banks may complain, but at the end of the day, they like to have their own regulator they have a relationship with. They like the status quo.”

In a separate proposal, some transition team members have suggested maintaining only one primary banking regulator, with the others retaining non-regulatory functions. While the proposals signal Donald Trump’s willingness to shake up federal oversight, experts believe these radical changes face significant political and industry resistance.

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US SEC Chair Gary Gensler slapped a notice to tech billionaire Elon Musk on Thursday, launching a fresh investigation into Neuralink, Musk’s brain-computer interface (BCI) company. The development comes just a month before Gensler steps down from the US SEC Chair position on January 20. Musk’s lawyer Alex Spiro has responded to this by putting out the details of the charges.

Gary Gensler Targets Elon Musk In A Neuralink Probe

The U.S. Securities and Exchange Commission (SEC) will be preparing for additional charges against Tesla Chair Elon Musk while also reopening an investigation into his neurotechnology company, Neuralink.

Musk’s lawyer, Alex Spiro, has responded to the SEC chair Gary Gensler in a letter shared on the social media platform X. The letter notes that the US SEC has given Musk a 48-hour deadline to accept the monetary settlement or face charges on “numerous counts”.

However, the securities regulator has failed to mention the exact nature of these charges while referring to a multi-year investigation by the agency. Additionally, the SEC has revived its probe into Neuralink, Musk’s brain-computer interface venture. Musk wrote: “Oh Gary, how could you do this to me?”

Calls for an investigation into Neuralink first surfaced back in 2023. Back then lawmakers raised concerns over Musk’s claims regarding the safety of the company’s brain implant technology. Slamming the SEC, Musk’s lawyer Alex Spiro said that the recent SEC actions are nothing but an “endless investigation campaign” targeting the billionaire entrepreneur.

US SEC Chair Gary Gensler holds a very bad reputation, especially in the crypto space, for his high-handed regulatory approach. Ripple CEO Brad Garlinghouse said that the company lost more than $150 million in a legal battle with the SEC because of Gensler.

Elon Musk’s history with the SEC includes a $20 million settlement in 2018 over his tweets claiming that Tesla would go private and that the necessary funding had been secured. Elon Musk also tasked his AI, Grok, with creating an illustration of SEC Chair Gary Gensler. The resulting image depicted a snail in a business suit, referencing Gary the Snail from SpongeBob SquarePants.

Asked @Grok to draw a picture of @GaryGensler. Very flattering, I think!

https://t.co/NJnAj1nKIS

— Elon Musk (@elonmusk) December 12, 2024

Will Paul Atkins Transform Crypto

The crypto community has been celebrating Gary Gensler’s ouster calling it an end to the tough regulatory regime for the industry. All eyes are on incoming SEC chair Paul Atkins who is set to revive the SEC with friendlier crypto reforms.

“Under his leadership, the SEC may move away from aggressive tactics that prioritize headline-grabbing penalties over substantive outcomes,” wrote lawyers at US legal firm Anderson PC.

On the other hand, Elon Musk will be working at the Department of Government Efficiency (D.O.G.E) and has recently proposed measures to end US inflation with the focus on cutting the federal spending.

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Tech billionaire Elon Musk has recently hinted that the Department of Government Efficiency (D.O.G.E.) could end the US inflation. In a recent social media post, Musk has shared the potential reasons causing the inflation and key steps that could end the soaring prices. Notably, this comes as the Tesla CEO has increased his focus on cutting federal spending through the newly formed department by Donald Trump.

Can Elon Musk’s D.O.G.E. End US Inflation?

The US inflation has so far weighed on the investors’ sentiment on a global scale lately. However, even though the inflation stays at the top of the US Federal Reserve’s 2% target range, the central bank has trimmed its policy rates two times this year, boosting investors’ confidence. Despite that, the market is still awaiting further insights, with the US Consumer Price Index (CPI) inflation data scheduled to be released later today.

Amid this, Elon Musk has shared key steps that could end the US inflationary pressure in a recent X post. Besides, his social media post also hints that the goal could be achieved through the newly formed D.O.G.E. Notably, Donald Trump has recently formed the department and appointed Musk and Vivek Ramaswamy to lead it.

Meanwhile, the Tesla CEO said that “government overspending” is the primary reason behind the inflationary pressures in the nation. Besides, he also said that if the “government waste is stopped, there will be no inflation”, fueling market speculations.

Notably, the Department of Government Efficiency was primarily formed to reduce US Federal spending and to boost the efficacy. Having said that, it appears that the department is now shifting its focus towards ending the US inflation by cutting the government “overspending.”

Musk’s Plan To Cut The Federal Government Spending

This recent comment comes after Elon Musk recently said that D.O.G.E. aims to cut the Federal Government’s IT spending on outdated systems. Besides, he has also recently expressed his concerns about the US federal government’s outdated computer systems and software. He stated that these systems are in such bad shape that they often can’t verify whether payments are fraudulent or not, leading to a failure in passing basic audits.

Simultaneously, Musk also mentioned that the government doesn’t know where tax dollars are being spent, which he finds insane. He even offered to take on the role of Volunteer IT Consultant in the new administration to fix the IT infrastructure and make the government more efficient.

Meanwhile, these comments have caught the eyes of investors, especially after Donald Trump’s election win has sparked optimism among market enthusiasts. Besides, Musk’s backing for Donald Trump in the recent election has also not gone unnoticed by the traders.

On the other hand, these recent comments from the Tesla CEO have also sparked a rally in Dogecoin prices. For context, the department’s short form resembles the Dogecoin ticker, and given Musk’s previous backing for the top dog-themed meme coin, the market interest remains high. Besides, he also recently called himself “Doge Father” along with other cryptic posts regarding DOGE, which has caught the eyes of the investors.

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Elon Musk has once again caught the eyes of the market participants with his recent post regarding the Department of Government Efficiency (D.O.G.E.). In a recent social media post, the Tesla CEO revealed that it aims to reduce “Federal government” spending, which he calls a “humongous mess.” It has also sparked discussions in the crypto market, as the department’s short form resembles the leading meme coin Dogecoin’s ticker.

Elon Musk Reveals What’s Next For D.O.G.E.

Elon Musk’s Department Of Government Efficiency (D.O.G.E.) has gained notable attention after Donald Trump’s election win. The department aims to cut federal government spending while making the government departments more efficient at lower costs.

Notably, after winning the US Presidential election, Donald Trump appointed Musk and Vivek Ramaswamy to lead the department, which has fueled discussions in the market. Besides, the Tesla CEO’s backing for Trump in the election has also caught the eyes of the market participants.

Now, the Department of Government Efficiency has recently said that the “Federal Government spends 80% of its annual $100 billion IT budget on maintaining outdated systems.” The X post also noted that maintaining the older systems takes more costs and it is also “more vulnerable” to bad actors or hackers.

Sharing the post, Musk stated, “Time to clean up this humongous mess.” The entrepreneur has earlier also raised similar issues regarding the excess federal spending, highlighting the need to cut costs. Besides, Turning Point USA founder Charlie Kirk has recently sounded the alarm on a key nomination, warning that Senate Majority Leader Chuck Schumer is pushing for Lauren McFerran to chair the National Labor Relations Board for another term.

Kirk urged GOP Senators to block the nomination, citing concerns about Democratic control during Trump’s presidency. Musk shared Kirk’s post, criticizing the current administration’s efforts to hinder government efficiency while expressing optimism about the future prospects of D.O.G.E.

Will It Impact Dogecoin?

The short form of the Department of Government Efficiency, D.O.G.E., resembling the Dogecoin ticker has sparked discussions in the broader crypto market. Besides, Elon Musk has actively supported the top meme coin many times previously through his social media posts.

On the other hand, the Tesla CEO’s recent comments have also sparked optimism among investors, as evidenced by the surge in the recent Dogecoin price. Simultaneously, Musk has also shared a series of cryptic posts recently, which has also pushed the DOGE price higher.

However, despite that DOGE price today retreated more than 5% amid a broader crypto market crash. Its one-day volume rose 74% to $12 billion and CoinGlass data showed that the DOGE Futures Open Interest slumped 21%, indicating the waning risk-bet appetite of the investors.

Meanwhile, the market experts appear to have remained bullish on the top dog-themed meme coin despite the recent retreat. For context, top experts predicted the Dogecoin price rally to $1.05 in the coming days, sparking market optimism.

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Elon Musk has once again sparked discussions in the broader crypto market, let alone the meme coins space, calling himself the “Doge Father”. In a series of X posts recently, Musk has ignited speculations with posts related to Dogecoin, especially as he is known for his active support of the meme coin. In addition, the newly formed organization by Donald Trump, Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy, has further fueled optimism.

Doge Father Elon Musk Share Cryptic Posts

Billionaire entrepreneur Elon Musk is well known among the crypto market enthusiasts, especially for his earlier backing for Dogecoin. In addition, his recent support for pro-Bitcoin Donald Trump, ahead of the US election, has also caught the eyes of the market participants in recent days.

Recently, Musk has shared a series of X posts related to DOGE, which has sparked widespread discussions in the market. Notably, in a post, the billionaire shared an image with his son and called himself “The Doge Father”. Besides, he has called his son as “The DogeSon.”

Meanwhile, he has also commented on the post, saying “Doge & Minidoge.” Additionally, Musk has sparked intrigue with another cryptic post on X, featuring an image of a smoke-shaped Shiba Inu dog engulfing a city. The image, shared without comment, is a repeat of a similar post made by Musk in November, following which Dogecoin has noted a strong rally.

Notably, the Dogecoin price also saw a spike today following Musk’s post, leaving many speculating over the potential reason behind the post. Besides, the billionaire has shared a flurry of posts regarding the Department of Government Efficiency (D.O.G.E.) recently, sparking optimism, as the short form of the organization resembles the Dogecoin ticker.

Dogecoin Rallies Indicating Strong Market Confidence

The top meme coins have noted a strong rally recently, indicating a shifting focus of the investors towards the segment. Amid this, the “Doge Father” Elon Musk’s post appears to have further boosted the market sentiment, as evidenced by the recent surge in Dogecoin.

DOGE price today was up nearly 5%, especially after Musk’s post, and exchanged hands at $0.45. However, its trading volume fell more than 26% to $7 billion at the same time. Notably, the crypto has touched a low of $0.4213.

Furthermore, CoinGlass data showed that Dogecoin Futures Open Interest rose more than 8% to $4.04 billion, indicating strong market confidence in the leading dog-themed meme coin. Besides, the Baby Doge Coin price also rallied more than 51% following the post.

However, in another post, the Tesla CEO has backed D.O.G.E. advisor Ron Paul, which has also caught the eyes of the market participants. In a recent update, Paul announced that he recommends eliminating foreign aid completely, saying that since World War II, nothing has benefited the US with its foreign policies.

Meanwhile, a recent Dogecoin price analysis hints at a potential rally of DOGE to $0.5. If the momentum continues, the analysis showed that the crypto could target $0.7 next, and potentially rally towards the $1 mark.

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