Dogecoin, the highest memecoin by market cap, has surged over 10% within the final 24 hours, a part of a broader memecoin restoration, what’s the connection to Elon Musk?
An 11-year-old memecoin, Dogecoin is without doubt one of the best-performing main digital property this month and Doge is driving the crypto dialog due to this yr’s memecoin phenomenon. Woof.
Buying and selling at $0.1262, DOGE hit its highest worth since September 29, marking a 44% enhance from its native low of $0.08888 on September 6.
Supply: Buying and selling View
Elevated buying and selling exercise accompanied the worth rise, with DOGE’s buying and selling quantity exceeding $1.eight billion on October 16—a 95% bounce in 24 hours and 165% over the week. Its market capitalization reclaimed the $18 billion mark, sustaining its standing as the most important memecoin, in accordance with Brave New Coin data. DOGE additionally grew to become essentially the most traded memecoin on October 16, surpassing Pepe by over $600 million in quantity.
What’s driving this bullish momentum? Many merchants anticipate Dogecoin to increase this rally, breaking its months-long downtrend. Analysts have identified that DOGE’s worth not too long ago broke above a 180-day descending trendline, suggesting that key resistance ranges at $0.13 and $0.14 might be examined subsequent.
Including gas to the fireplace, technical indicators just like the shifting common convergence divergence (MACD) flashed bullish alerts because the MACD line crossed above the sign line, indicating the market’s favor has shifted towards the upside. DOGE has additionally flipped key ranges into assist, together with the 50-week and 100-week easy shifting averages at $0.1196 and $0.097, respectively. This implies {that a} additional rise towards the March 18 excessive of $0.2286 might be on the playing cards.
Nevertheless, not all merchants are satisfied of a fast rebound. Futures markets present some skepticism, with over $587,000 in brief positions in danger if DOGE reaches $0.130, the place the 200-day easy shifting common lies. In the meantime, a dip to $0.114 may result in $1.73 million in lengthy positions being liquidated.
The Elon Musk Connection
As anticipated, social media hypothesis has additionally contributed to DOGE’s current rise. Elon Musk, lengthy related to DOGE, has re-entered the dialog.
Musk has urged a “Division of Authorities Effectivity,” which he has humorously linked to the DOGE acronym. This connection, together with Musk’s historical past of selling DOGE on X (previously Twitter), has sparked hope amongst merchants for additional worth good points. Because the market begins to anticipate that Trump will win the election, that is driving the market ahead.
Supply: X
One other Tesla DOGE Connection?
It has been doable to purchase merch from Tesla utilizing DOGE for a while. In the course of the unveiling of Tesla’s new autonomous automobile, the “Cybercab,” a Shiba Inu—Dogecoin’s image—was displayed prominently, sparking pleasure amongst DOGE followers.
The presentation befell on a Hollywood movie set, the place Musk arrived within the Cybercab, catching the eye of each automotive lovers and crypto followers. The automobile, exhibiting Tesla’s push for autonomous know-how, featured the Shiba Inu, connecting it directly to Dogecoin, sparking hypothesis about Tesla probably accepting Dogecoin as cost.
Supply: X
During the last week, DOGE has climbed practically 18%, making it the best-performing crypto within the high 40. Musk’s continued assist for the coin, together with teasing DOGE as a cost possibility for X and selling DOGE funds within the Tesla Retailer, has saved the memecoin within the highlight regardless of its excessive volatility.
Whereas Dogecoin stays 83% beneath its 2021 peak, it’s nonetheless among the many most respected cryptocurrencies, with a loyal fanbase protecting it related within the ever-changing crypto panorama.
For a full historical past of DOGE, the little memecoin that might, and would, and continues to do, read this. Woof.
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