Dogecoin (CRYPTO: DOGE) price increased significantly on April 23, 2025, trading around $0.1808 at the time of writing. This marks a 12.7% gain over the past 24 hours.

Elon Musk announced plans to scale back his involvement with the Department of Government Efficiency (DOGE) to focus more on Tesla (NASDAQ:TSLA), following a 71% drop in the company’s profits.

“My time commitment to time will be decreasing significantly, especially in May, as the primary objectives of the department will be largely achieved,” said Musk.

However, despite Musk’s reduced role, there is still strong interest in Dogecoin. According to Benzinga's own analysis of TipRanks' elite-rated analysts, the Price Target Average of $0.1947 indicates an 8.9% upside potential in the next 3 months.

What To Know: Elon Musk has been a vocal supporter of Dogecoin for several years. Earlier in April, Musk announced that he would be stepping down as head of X, formerly Twitter, and transferring his role to executives.

Earlier this year, reports surfaced that Elon Musk is planning to launch a multipurpose intelligence system called "TruthGPT" to compete with ChatGPT and Google's LaMDA.

What’s Next For Dogecoin: Analysts are noting that Dogecoin has now broken a key, declining trendline resistance. This suggests that it could trade higher in the coming days and weeks.

Dogecoin is also forming a falling wedge breakout pattern, which is another bullish technical indicator.

If the crypto can continue to rally from this level, it could be en route to a 45% rally to the wedge's measured move.

Dogecoin's surge aligns with a broader uptick in the cryptocurrency market. Bitcoin (CRYPTO: BTC) price rose to a two-month high of $94,500 on Monday. Meanwhile, Ethereum (CRYPTO: ETH) price broke above the $1,700 level.

See More: Top 5 Cryptocurrency News To Start Your Monday

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