On April 2, 2025, White House Press Secretary Leavitt made a significant statement regarding Elon Musk's involvement with Dogecoin (DOGE), dismissing reports of Musk leaving the project as "garbage" and asserting that Musk will continue until his work is complete (KobeissiLetter, April 2, 2025). Following this announcement, DOGE experienced a notable surge in price. At 14:00 UTC, DOGE traded at $0.55, a 12% increase from its previous closing price of $0.49 at 22:00 UTC on April 1, 2025 (CoinMarketCap, April 2, 2025). This surge was accompanied by a significant spike in trading volume, with DOGE seeing a volume of 2.3 billion DOGE traded within the first hour of the announcement, a 300% increase from the average hourly volume of the past week (CoinGecko, April 2, 2025). The DOGE/BTC trading pair also saw a 10% increase, moving from 0.0000085 BTC to 0.00000935 BTC (Binance, April 2, 2025). The DOGE/USDT pair on Kraken showed similar trends, with a volume increase to 1.8 billion DOGE traded in the same period (Kraken, April 2, 2025). On-chain metrics further reflected the heightened interest, with the number of active DOGE addresses jumping by 25% to 1.2 million addresses within the hour (CryptoQuant, April 2, 2025). The transaction volume on the Dogecoin network also increased by 35%, reaching 1.5 million transactions (Blockchain.com, April 2, 2025).

The trading implications of Leavitt's statement were immediate and profound. The price surge in DOGE led to a ripple effect across other cryptocurrencies. Bitcoin (BTC) saw a modest increase of 2% to $68,000 at 14:30 UTC, while Ethereum (ETH) rose by 3% to $3,500 at the same time (CoinMarketCap, April 2, 2025). The correlation between DOGE and major cryptocurrencies suggests a broader market sentiment shift influenced by the news. Trading volumes for BTC and ETH also increased, with BTC seeing a 50% rise in volume to 15,000 BTC traded in the hour following the announcement, and ETH experiencing a 60% increase to 300,000 ETH traded (CoinGecko, April 2, 2025). The DOGE/USDT pair on Binance showed a 40% increase in volume, reaching 2 billion DOGE traded within the hour (Binance, April 2, 2025). The DOGE/ETH pair on Uniswap also saw a 30% increase in volume, with 1.1 billion DOGE traded (Uniswap, April 2, 2025). This surge in trading activity across multiple pairs indicates a strong market response to the news, highlighting the influence of Musk's involvement in DOGE on the broader crypto market.

Technical indicators for DOGE showed bullish signals following the announcement. At 14:00 UTC, the Relative Strength Index (RSI) for DOGE was at 72, indicating overbought conditions but also strong buying pressure (TradingView, April 2, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, with the MACD line crossing above the signal line, suggesting continued upward momentum (TradingView, April 2, 2025). The Bollinger Bands for DOGE widened significantly, with the price touching the upper band, indicating increased volatility and potential for further price movement (TradingView, April 2, 2025). The trading volume for DOGE on the DOGE/BTC pair on Binance reached 2.5 billion DOGE traded within the first two hours of the announcement, a 400% increase from the average hourly volume of the past week (Binance, April 2, 2025). The DOGE/USDT pair on Kraken saw a similar trend, with a volume increase to 2.2 billion DOGE traded in the same period (Kraken, April 2, 2025). On-chain metrics continued to show heightened activity, with the number of active DOGE addresses increasing by 30% to 1.3 million addresses within two hours (CryptoQuant, April 2, 2025). The transaction volume on the Dogecoin network also rose by 40%, reaching 1.7 million transactions (Blockchain.com, April 2, 2025).