TL;DR
Dogecoin has once again climbed above $0.14, which may have been spurred by Elon Musk’s recent appearance at a Trump rally and playful nod to meme coins. Analysts see the potential for further price increases, with a price target above $0.175 if the price breaks above resistance.
DOGE is on the run again
The largest meme coins by total market capitalization are the top 10 best-performing cryptocurrencies today (October 28). It has gained 6% daily and is currently trading well above $0.14.
DOGE price, source: CoinGecko
DOGE’s resurgence may be related to Elon Musk’s recent interactions. Tesla’s CEO attended Donald Trump’s rally at Madison Square Garden on October 27th and urged people to vote Republican in the next presidential election (scheduled for November 5th). called on the people.
He spoke again about the possibility of creating a Department of Government Efficiency (DOGE) if Trump enters the White House as the winner. The department aims to tax Americans fairly and will be spearheaded by Mr. Musk himself.
Shortly after, Tesla’s boss posted an interesting photo of Tesla on X. The top of the photo shows the billionaire bent over during a speech, while the bottom shows a muscular Shiba Inu (resembling the DOGE logo) in the same pose. .
Dogecoin supporters were happy to see a direct reference to their favorite cryptocurrency, with some arguing that the move could have a positive impact on the memecoin sector as a whole.
More DOGE pumps?
Several analysts believe that assets have not yet increased significantly. Popular X user Ali Martinez predicted a 25% rise to around $0.175 if DOGE breaks above the $0.143 resistance. It is currently trading slightly above that level.
Crypto Candy also participated, assuming a new bull market similar to the one observed in 2021. Recall that DOGE’s valuation exploded from around $0.05 at the beginning of April 2021 to over $0.70 a month later (a whopping 1,300% jump).
$Doge MEME’s OG broke on the weekly time frame and started the next bull run.
Hoping for a run like the last bull run pic.twitter.com/zLHQWsRUwt
— Cryptocandy (@cryptocandy24x) October 28, 2024
BitBull has predicted a huge green candle that will push Dogecoin up to $0.60 early next year.
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