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Jakarta, Pintu News – The Dogecoin (DOGE) price remains in the spotlight for traders and investors around the world, as Elon Musk – the billionaire who has had a major influence on the meme coin – prepares to step down from his role in government.
It was reported that the Tesla and SpaceX leader intends to resign from his position as head of D.O.G.E. (Department of Government Efficiency). As a result, there was widespread speculation in the market regarding the potential negative impact on DOGE prices.
But is this bearish trend really possible? Let’s take a deeper dive into the current market dynamics.
According to a recent report from the Washington Post, billionaire Elon Musk plans to step down from his role as head of D.O.G.E (Department of Government Efficiency) by the end of this year.
Read also: DOGE on Fire: 12% Jump Amidst ETF Hype – What’s Next?
This news immediately rattled Dogecoin investors, who had been cautiously optimistic about the asset’s price, especially since Musk heads a federal agency.
The Tesla and SpaceX CEO was appointed head of D.O.G.E. with V. Ramaswamy under the Donald Trump administration this year. However, since then, Musk has experienced a number of setbacks in the political world, and is now rumored to be considering leaving after experiencing a moment that is considered embarrassing.
Despite helping the US government save billions of dollars, the new advisory panel under Trump has come under scrutiny from various federal agencies.
Recently, Senator Elizabeth Warren even introduced a new bill that directly targets Musk’s role in the SGE. This series of events makes it clear that Musk’s departure from his federal position is only a matter of time.
The immediate impact of this news is likely to be bearish for observers of the meme crypto. With Musk stepping down from his government role, the hype around federal agencies named after meme tokens is expected to fade, given Musk’s massive influence on Dogecoin.
As a result, traders and investors may engage in panic selling, leading to short-term price volatility. However, global reports suggest that the long-term negative impact is likely to be minimal.
Currently (23/4/25), the DOGE token price is trading at $0.1806 up over 11% in daily trading and up 17% on a weekly basis, in line with the general market recovery trend.
Amidst the worries caused by the news of Elon Musk’s resignation, a crypto analyst is still showing an optimistic view of this dog-themed meme coin.
An analyst named ZAYK Charts predicts that the Dogecoin price is preparing to enter a major bullish wave in the near future.
Read also: DeepBook Crypto Skyrockets 2x in Just 24 Hours – Is DEEP About to Shatter Its All-Time High?
According to the analyst, the Dogecoin price is currently forming a falling wedge breakout pattern on a 1-day time frame. This pattern is known as a bullish formation that generally signals a potential trend reversal from downward to upward.
Now, market watchers are curious about where Dogecoin’s price will go next – caught between the uncertain news of Musk’s departure and technical predictions that point to a potential price spike.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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Elon Musk Prepares to Leave D.O.G.E, What’s Next for Dogecoin Price? – Pintu
