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Dogecoin (CRYPTO: DOGE) traded higher overnight Sunday, despite the Department of Government Efficiency, the once-hyped government cutting initiative by Elon Musk, getting disbanded.
The popular memecoin was up over 2% in the last 24 hours, with trading volume rising 2.43% to $1.5 billion. In fact, DOGE outgained Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) in the said time period.
The spot price increase piqued the curiosity of derivatives traders, with open interest in DOGE futures surging 3.27% in the last 24 hours, according to Coinglass.
Ali Martinez, a widely followed cryptocurrency analyst and trader, spotted a “Buy” signal for the memecoin from the TD Sequential indicator, mirroring a previous signal that resulted in a 101.5% rally.
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
The coin’s rally was also notable as it came despite Scott Kupor, Director of the Office of Personnel Management, confirming that the Department of Government Efficiency no longer exists.
DOGE launched in January with Musk promising $2 trillion in savings, an idea that initially received full support from President Donald Trump. Musk later split with Trump in June over the president’s tax-and-spending bill.
Dogecoin gained significant momentum after Trump’s victory and the subsequent announcement of the DOGE initiative. Although there was no direct link, Musk’s wordplay caused investors to associate the memecoin with the government.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1465, up 2.60% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: Akif CUBUK on Shutterstock.com
