Dogecoin (DOGE) Price Readies for Next Big Move as Elon Musk Mentions Meme Coin

Elon Musk, Earth's wealthiest individuals and founder of Tesla and SpaceX, recently revisited a mention of the popular meme cryptocurrency, Dogecoin (DOGE). As usual, his reference to the token was unconventional.

In a recent post on his social network X, formerly known as Twitter, he mentioned the "Department of Government Efficiency" (DOGE) - a fictitious government department he supposedly lobbies for and aims to lead. This reference coincides with the acronym DOGE, leaving its purpose and existence ambiguous.

Although politicians have voiced support for Musk's concept, it's unclear what this authority entails. One certainty, however, is Musk's continued albeit subtle promotion of DOGE to his vast audience of almost 200 million followers.

Dogecoin (DOGE) Price Momentum

Simultaneously, the price of Dogecoin has exhibited bullish trends. Since the beginning of the new daily candle, the previous day's decline has been mostly compensated for.

Moreover, DOGE has gained 6.76% since the start of the week, potentially completing a bullish falling wedge pattern identified on its chart days ago.

If the pattern fully materializes, Dogecoin could anticipate an upward swing to $0.15 per token, representing a 50% appreciation from current levels.

Will Musk's DOGE mention contribute to achieving this target? The answer remains uncertain, but current indicators suggest a favorable outcome.