Bitcoin soared to $70,000 earlier in the week, but it was DOGECOIN that grabbed all the attention as DOGE rose 10% on another Elon meme
Bitcoin (BTC) soared on Monday, hitting a three-month high in the $70,000 range and within about 5% of its highest since March at $73,500.
Source: Brave New Coin Bitcoin Liquid Index
Dogecoin (DOGE) soared 10% following President Donald Trump’s rallying cry during a campaign event. Elon Musk, an ally of the Trump campaign, has proposed creating a “Department of Government Efficiency,” conveniently abbreviated as DOGE, to reduce U.S. government spending. Musk later fueled the meme-fueled hype with a tweet of himself wearing a DOGE-themed avatar.
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Elon continues to inject DOGE memes into the US election conversation. Republican presidential candidate Donald Trump has announced that if he wins the next election on Nov. 5, he will create a Department of Government Efficiency Commission to be led by billionaire Elon Musk, a prominent supporter. President Trump outlined the plan in a comprehensive speech on his economic vision for the country.
President Trump has been considering the idea of a government efficiency commission with his advisers for weeks, according to people familiar with the discussions. But his speech at the New York Economic Club earlier this month marked the first time he publicly endorsed the idea.
It was also the first time Trump revealed that Musk had agreed to lead the effort. President Trump did not provide specific details about how the commission would operate, but said its mission would be to develop a plan to eliminate “fraud and improper payments” within six months of its creation. Ta.
“I will create a Government Efficiency Commission tasked with conducting a complete financial and performance audit of the entire federal government and recommending bold reforms,” Trump said. “I’m happy to serve,” Musk replied with an X.
Since then, Musk has posted numerous memes referencing the Department of Government Efficiency.
Source:X
Analyst Bruntz suggests Doge is just getting started.
Source:X
VanEck is bullish on Bitcoin
Meanwhile, polymarket bettors who bet on blockchain-based predictions now estimate the probability of President Trump winning at 66%, up from 61% a week ago, further fueling the crypto market. I am doing it.
Many analysts are optimistic about the future path of Bitcoin, with Matthew Siegel, head of research at VanEck, drawing parallels to the BTC bull market of late 2020. “This setup is very bullish heading into the election,” Siegel said on CNBC, noting that BTC soared 120% after the 2020 US election. “We are currently seeing similar low volatility, with the potential for a high volatility breakout if momentum continues.” The market will be watching closely to see if Bitcoin repeats history again with its post-election rally. There is.
another analyst Researchers at VanEck, a leading investment firm, have taken a bold challenge to the future of Bitcoin, predicting that it could reach an astonishing $3 million by 2050. “We have a model that assumes Bitcoin will be held as a reserve asset by 2050,” the analyst said. central bank. This model reaches a price of $3 million per Bitcoin. ”
