Dogecoin is on a meteoric rise after Elon Musk affirmed that "D.O.G.E. Has Real Potential." His new role as head of the Department of Government Efficiency has further amplified investor optimism, propelling the coin to $0.3788 with an 80% weekly gain. Experts now eye a $4 target.

Musk's New Role Sparks Market Buzz

When Elon Musk expressed optimism about the Department of Government Efficiency in an official X post on November 16, it caused a stir in the market.

People all throughout the country were already expecting this to happen when the CEO of Tesla and SpaceX was named co-head of the aforementioned government department with V. Ramaswamy.

Potential for Major Government Reforms

According to the X handle of the body, the Department of Government Efficiency has the potential to bring forth significant reforms in the American government. Also worth noting is that the hiring of Musk as the entity's leader follows the re-election of Republican Donald Trump as the 47th president of the United States.

Because Musk has long been an outspoken supporter of Dogecoin, the revelation helped put the cryptocurrency's government department into the spotlight. As a result of the statement, the meme coin with a dog motif became quite popular, and then another great positive thing happened.

Investors Drop Dogecoin Lawsuit

Investors have lately withdrew the Dogecoin lawsuit against Elon Musk, which has boosted market optimism surrounding the joke asset. Just so you know, the complaint claimed that the CEO of Tesla and SpaceX did his own price manipulation with the meme coin.

The odds are in the billionaire's favor, though, as new information has cast a hopeful light on the meme token's future value.

DOGE Price and Futures Surge

In the last day, the price of DOGE has increased by 2%, reaching $0.3788. The 24-hour range for the coin was $0.3545 to $0.3899. Curiously, investors are rather intrigued by the coin's increasing movement in response to Musk's words, Coingape points out. The token was also in a bull run, with weekly increases of 80%.

At the same time, the coin's futures OI surged 11% intraday, reaching $3.02 billion, according to statistics from Coinglass. In the midst of a bullish crypto market, it shows that investors are showing more interest in Dogecoin. In general, market participants are keeping a close eye on the token in the hopes of future gains.

Analysts Predict Dogecoin Could Hit $4

In addition, well-known crypto market specialist Ali Martinez has forecasted that Dogecoin's price might reach $4. Based on past patterns and the positive energy in the cryptocurrency market that Trump and Musk have generated, the audacious prediction was made.