In a massive development for the memecoin, Dogecoin’s trading volume has increased by 95%, and Dogecoin is currently poised for a major breakout. In fact, the token’s successful launch in the last week of October could lead to a multi-week breakthrough.
In the past few weeks, cryptocurrencies have received another boost from Elon Musk. The Dogefather once again boosted the dominant meme coin as Tesla’s CEO pledged his position in Donald Trump’s administration unless the former president is re-elected this November.
Source – Bitcoinist
Also read: Elon Musk’s Doge Flex drives Dogecoin higher
DOGE rises 6% on Monday as trading volume explodes
Earlier this year, Dogecoin experienced an unexpected rally driven by Elon Musk. In fact, the billionaire was seeking a position within the US government. Specifically, he will lead a new department to ensure that government spending remains within acceptable limits. That function will be named the Department of Government Efficiency, or DOGE.
Now he has boosted his wealth again. In fact, Dogecoin trading volume surged by 95% as DOGE surged earlier this week. It has risen more than 6% in the past 24 hours, according to CoinMarketCap. Moreover, it has grown by 18% in the past 30 days.
Source – Bank Rate
Also read: $100 in Dogecoin 5 years ago: Here’s what it’s worth today
All eyes are now on whether this token can capitalize on the recent surge to deliver the most sustainable rally. The asset is poised to retest the important $0.20 price level. This will be of great help in considering the possibility of DOGE being terminated by the end of 2024.
There is some bullish sentiment across the cryptocurrency market. This is clearly a good thing for an asset at the top of the memecoin market. Furthermore, if Donald Trump wins the 2024 election, Dogecoin should rise sharply once he returns to the White House. He has already committed the position to Musk, and his influence over Musk’s assets is undeniable.
