- Recent decline in Dogecoin’s price attracted significant buying pressure from large investors who acquired 750 million DOGE
- This could signal a strong confidence in the memecoin’s future price
- Elon Musk’s appointment to lead the Department of Government Efficiency has drawn attention to Dogecoin, given the shared acronym.
Crypto analyst Ali Martinez reported on X that whales took advantage of the recent dip in Dogecoin’s price by accumulating 750 million DOGE.
When whales buy during a dip, it often signals strong confidence in the asset’s future price movement, and that these investors expect a recovery or further growth in DOGE’s price.
Large-scale accumulation can create price stability or even initiate a rebound if demand outweighs selling pressure, which could mean DOGE is less likely to see a further sharp decline in the short term.
Musk, DOGE (the Department), and Wild Speculation
In addition, Martinez had a somewhat interesting thought, hypothesizing how wild it would be if Elon Musk ever “moved” the US Treasury to DOGE.
While a highly unlikely scenario, it’s not entirely impossible considering Musk’s growing influence in the current US administration and what’s been happening lately. If such a scenario did happen, it would skyrocket DOGE.
Related: Dogecoin Price Surges as Musk Joins Trump’s Efficiency Agency
Musk’s recent appointment in January to lead the Department of Government Efficiency (DOGE) under the Trump administration has drawn attention to the cryptocurrency, given the shared acronym. This association has contributed to increased interest in Dogecoin.
In late January 2025, DOGE personnel, under Musk’s direction, were granted access to the Treasury Department’s payment systems, which handle over $6 trillion annually.
Though Treasury Secretary Scott Bessent clarified that DOGE’s access is read-only, Musk having that kind of access is huge and ripe for speculation.
Plus, he has been a longtime supporter of Dogecoin, frequently posting about it and even integrating it into Tesla for payments. There were rumors of Dogecoin’s integration with X as well, but that hasn’t happened yet.
Is Something Big Coming for Dogecoin?
On a more realistic note, Musk’s influence on Dogecoin and the crypto market in general is undeniable. Combined with his recent appointments and the fact that whales accumulated 750 million Dogecoins, this could mean something is about to happen with the memecoin.
Related: Elon Musk DOGE Team Moves to End $8M Federal Politico Subscriptions Amid USAID Funding Controversy
Ali Martinez also reported that there has been a significant spike in the number of Dogecoin nodes on the network.
One thing is for sure, though: as unlikely as it is, if the US Treasury ever adopts Dogecoin, it would dramatically reshape the cryptocurrency landscape overnight.
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