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Department of Government Efficiency prices surged 81% in the past 24 hours, trading at $0.07051 as of 3:42 AM EST, with trading volume surging 460% to $32 million.
The DOGE price surge comes as Donald Trump defeated Kamala Harris in Tuesday’s U.S. election to win a second presidential term.
Musk, who has long been a staunch supporter of Trump, used his social media platform X to announce the victory, saying: "Tonight, the American people gave Donald Trump a clear mandate for change."
Tonight, the American people gave @realDonaldTrump a clear mandate for change
— Elon Musk (@elonmusk)
November 6, 2024
Trump's victory raises the question of whether Elon Musk will be appointed head of the Department of Government Efficiency (DOGE) in the incoming Trump administration.
Trump has said he would bring Musk into his second administration to cut government waste, prompting Musk to call such an effort the "Department of Government Efficiency," or DOGE, naming it after the meme coin he often promotes.
Government Efficiency prices in continued bull run
The DOGE/USD chart on the 1-hour timeframe shows a clear bull trend that started around the end of October and began to rise significantly on November 5. According to GeckoTerminal, the DOGE price surged sharply to over $0.08 before retracing slightly, but the overall trend remains upward.
DOGE is now trading above the 50-day and 200-day simple moving averages (SMAs), in line with the recent significant uptrend.
The relative strength index (RSI) is 60.56, which shows that the market is in a neutral to bullish range. The RSI above 50 and approaching 70 indicates upward momentum, but the price is not overbought yet. This leaves room for potential further gains.
The Moving Average Convergence Divergence (MACD) line (blue) at 0.00117 is above the signal line (orange) at 0.00704, indicating that momentum remains biased in favor of the bulls. The MACD histogram shows increasing positive momentum, confirming a bullish trend.
If this trend continues, the GEF price could surge to the next possible resistance at $0.090.
DOGEUSD chart analysis source: GeckoTerminal
On the other hand, if bears take control of the asset due to DOGE being overvalued, the price of DOGE could fall back to the 50-day SMA of $0.04876.
As the price of Dogecoin soars, new memecoin project Crypto All-Stars (STARS) has raised more than $3 million in its ICO.
ClayBro, a well-known crypto analyst with more than 130,000 subscribers, said STARS is expected to surge 26 times after its launch.
Is Crypto All-Stars the next cryptocurrency to break out?
Crypto All-Stars is a revolutionary project that for the first time enables investors to stake multiple top memecoins on one platform and be rewarded in STARS tokens.
Making this possible through its innovative MemeVault ecosystem, STARS will support staking of 11 memecoins at launch: Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. The project will add more memecoins in the coming months.
Why is everyone so excited?
In its initial pre-sale phase, Crypto All-Stars raised over $350,000! ?
This early success suggests that investors see huge potential. ?
Will this be the next $PEPE? ?
——web3telepath (@web3telepath)
August 15, 2024
You can also earn money passively through the project’s native staking mechanism, with an annualized STARS yield of up to 505%.
You can buy the token right now at a price of 0.0015494 for $. The price will increase in less than 3 days, so interested investors should act quickly to lock in the best deal.
By purchasing $STARS from the official website using BNB, USDT or bank card.
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