Dogecoin Targets 45% Gain Amid Musk-Associated DOGE Development Push

Dogecoin’s (DOGE) price is setting up for another breakout attempt in December, fueled by technical indicators and a fresh wave of optimism following a major announcement from the Dogecoin Foundation.

Dogecoin Maintains Ascending Triangle Breakout Hopes Despite Selloff

DOGE recently surged to its year-to-date high of $0.48 on Nov. 23 but has since retraced by approximately 15%. The pullback brought the memecoin back into the range of its prevailing ascending triangle pattern, a bullish continuation setup characterized by rising support and a horizontal resistance level.

Notably, the cryptocurrency briefly broke above the triangle’s resistance near $0.45 last week but failed to sustain the breakout, leading to a correction. As of Nov. 26, DOGE is testing the triangle’s lower trendline as support near $0.39.

If the support holds, it could trigger a fresh move higher. The triangle’s technical target for December is $0.58, a potential 45% rally from current price levels.

Dogecoin Foundation Announces Major Development Plans for 2025

A new announcement from the Dogecoin Foundation, a nonprofit organization steering the project’s development and adoption efforts, adds to the bullish sentiment.

The foundation unveiled its ambitious Dogebox Decentralized Infrastructure System, a key component of its roadmap to position Dogecoin as a scalable, efficient payment system for global use.

Since its relaunch in 2021, the foundation has been actively funding full-time developers, thanks to significant donations from Ethereum co-founder Vitalik Buterin and an anonymous Dogecoin supporter.

The Dogecoin Foundation is a non-profit organization that has been building open-source projects for the Dogecoin Ecosystem, and currently employs a number of full time developers to work across a range of projects for the benefit of the Dogecoin community.

Our aim since 2021…

— Dogecoin Foundation (@DogecoinFdn) November 24, 2024

The latest initiative, Dogebox, seeks to onboard over one million small businesses globally by providing them with tools to self-host, self-custody, and integrate Dogecoin payments into their operations.

“This project allows businesses to build integrations with existing systems while enabling regular node-runners to participate in decentralized payment systems,” the foundation noted in its statement, emphasizing Dogecoin’s role as a “free and open currency” designed to function outside centralized control.

Looking ahead to 2025, the foundation is seeking major sponsors to accelerate these efforts, aiming to cement Dogecoin’s position as a decentralized means of exchange.

Elon Musk Connection Boosts DOGE Bullish Prospects

Dogecoin’s community has long been energized by Elon Musk’s public support for the cryptocurrency. The memecoin has rallied in November primarily due to the launch of the Musk-backed Department of Government Efficiency, which interestingly has the same initials as Dogecoin’s official ticker, DOGE.

Department of Government Efficiency pic.twitter.com/HFeHYNIkJN

— Elon Musk (@elonmusk) September 7, 2024

Musk is not formally part of the Dogecoin Foundation, but his influence is deeply tied to its current trajectory. Notably, Jared Birchall, a close associate of Musk and the head of his family office sits on the Dogecoin Foundation’s advisory board as a legal and financial advisor.