Dogecoin (DOGE) saw a sharp 20% increase in price after US President Donald Trump announced the formation of the Department of Government Efficiency (D.O.G.E), to be led by high-profile figures Elon Musk and entrepreneur Vivek Ramaswamy. The move aims to bring Musk and Ramaswamy’s outside perspectives on government reform, aligning with Trump’s goal of creating a more streamlined, efficient government.

High Hopes for Dogecoin’s Future Price

Following the announcement, Dogecoin quickly rose to $0.43 before settling at $0.37, according to CoinMarketCap data. Many crypto analysts believe the cryptocurrency could reach as high as $2.40 if the initiative gains traction, with investor optimism at an all-time high.The involvement of Musk and Ramaswamy has drawn widespread attention from traders, adding to trading volume as Dogecoin enthusiasts rally around the potential for further gains. The project’s ambitious goal has been compared to “The Manhattan Project” by Trump, with the aim of achieving a leaner, more efficient government by the U.S.’s 250th anniversary in 2026.

Future Prospects: DOGE ETF?

Speculation is mounting that Dogecoin could soon gain an exchange-traded fund (ETF), making it more accessible to institutional investors and adding significant value. Although there’s no official application yet, the possibility has increased excitement, further fueling demand for DOGE.

Analysts Anticipate Continued Growth

Crypto analyst Ali Martinez believes Dogecoin’s price could skyrocket even higher—potentially to $18—if institutional interest in meme coins continues to grow. With current trends showing strong support, Dogecoin’s role in the D.O.G.E initiative is expected to keep interest high and may serve as a turning point for the cryptocurrency.

In the ever-volatile world of crypto, Dogecoin’s unexpected role in this major U.S. government initiative has brought new energy to the market, highlighting its potential in the future of digital assets.