DOGE News: Legal Concerns Surrounding Elon Musk’s DOGE Amid Trump’s Inauguration

Dogecoin (DOGE) traders are on edge as potential legal challenges against Elon Musk’s Department of Government Efficiency (DOGE) emerge. Reports suggest a lawsuit alleging DOGE’s violation of a 1972 law could be filed following President-elect Donald Trump’s inauguration. This development has sparked uncertainty in the Dogecoin market, despite its recent rally.

Dogecoin Traders Jittery as Elon Musk’s DOGE Faces Possibility of Lawsuit with Trump’s Inauguration

Dogecoin (DOGE) traders are experiencing heightened anxiety as the possibility of a lawsuit against Elon Musk’s Department of Government Efficiency (DOGE) looms. The Washington Post has uncovered that a lawsuit, alleging Doge is a federal advisory committee in violation of a 1972 law, is likely to be filed as soon as President-elect Donald Trump takes office. This news comes as Dogecoin rallied nearly 5% on Monday, holding steady above $0.3707. Historically, updates about DOGE have significantly influenced the meme coin’s price, and this potential legal challenge could erase recent weekly gains and risk a decline.

Dogecoin defies market shake-up, but can it prevail against the TRUMP hype?

Dogecoin’s 50-day MA (at $0.36853) maintained a healthy gap above 200-day MA (at $0.21111) amid rising volume. DOGE remained dominant, with over $55 billion in market capitalization. Dogecoin [DOGE] remains dominant, despite recent competition from the launch of TRUMP and MELANIA memecoins. While these new entrants have sparked speculation and activity, Doge has demonstrated resilience, with its price maintaining an upward trajectory. But can DOGE sustain its relevance in an evolving memecoin market? Dogecoin’s technical structure signals power move. Dogecoin was trading at $0.37834 at press time, reflecting a 5.55% increase in the last session. The attached charts showed a clear ascending channel pattern, with the price consistently bouncing between the support and resistance levels. This formation suggests a potential continuation of the upward trend.

Dogecoin Trades Within Multi-Year Ascending Channel – Expert Sets $15 Price Target

Dogecoin (DOGE) has experienced significant volatility over the weekend, capturing the spotlight as investors gear up for what could be a pivotal week in the cryptocurrency market. With President-elect Donald Trump set to assume office today, market sentiment around Dogecoin and other digital assets has turned increasingly bullish. Speculation about pro-crypto policies and heightened interest in meme coins have fueled optimism, making Dogecoin one of the most watched assets. Renowned analyst Ali Martinez shared a technical analysis on X, shedding light on Dogecoin’s promising outlook. According to Martinez, Doge is trading within a multi-year ascending parallel channel, a formation that suggests strong bullish momentum. This channel projects a potential price target of $15, signaling substantial upside.