Dogecoin surges 13% as Elon Musk reduces DOGE involvement

Dogecoin (DOGE) experienced a significant price increase on April 23, 2025, trading around $0.1808, marking a 12.7% gain over the past 24 hours. This surge coincides with Elon Musk’s announcement to reduce his involvement with the Department of Government Efficiency (DOGE), raising questions about the cryptocurrency’s future trajectory.

Market reacts to Musk’s reduced role

Elon Musk announced plans to scale back his involvement with DOGE to focus more on Tesla, following a 71% drop in the company’s profits. Musk stated that his time with DOGE would “drop significantly” starting in May, as the primary objectives of the department have been achieved.

Despite Musk’s reduced involvement, Dogecoin’s market sentiment remains positive. Analysts predict that DOGE could reach $0.1947 by April 28, 2025, representing an 8.9% increase from its current price.

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Technical indicators suggest bullish momentum

Analysts observe that Dogecoin has broken a key declining trendline resistance, indicating potential for further gains. The formation of a falling wedge breakout pattern suggests a bullish reversal, with predictions of a possible 45% rally if the momentum continues.

Broader crypto market rally

Dogecoin’s surge aligns with a broader uptick in the cryptocurrency market. Bitcoin reached a two-month high of $94,500, and Ethereum broke above $1,700.

Outlook

While Elon Musk’s reduced involvement with DOGE introduces some uncertainty, the current market dynamics and technical indicators suggest a bullish outlook for Dogecoin in the near term. Investors and traders will be closely monitoring the cryptocurrency’s performance in the coming days.

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