Dogecoin DOGE/USD soared on the price charts on Monday, emerging as the best-performing $1 billion market cap cryptocurrency over the past 24 hours.
What Happened: As of this writing, “Original Meme Coin” is up over 15%, with 24-hour volume soaring 184%. Dogecoin was the 8th most traded cryptocurrency and the most traded meme token in the past 24 hours.
The rise comes after Tesla and SpaceX CEO Elon Musk grandly introduced him as the “co-founder of the Department of Government Efficiency (DOGE)” during Donald Trump’s rally at Madison Square Garden. There is a high possibility that it was spurred on.
As President Trump’s odds in the gambling market increase by the day, investors appear to be pricing in the possibility that the next administration will launch a DOGE division under Musk.
DOGE is up over 28% for the month and is up 72.82% so far in 2024.
SEE ALSO: Satoshi Nakamoto’s Identity Prediction Market Looks More Volatile than Bitcoin: Sassaman Dethrones Peter Todd.
Based on TradingView data, the DOGE technical indicator flashed a “buy” signal.
As of this writing, the exponential moving averages (EMAs) are all pointing to “buy,” indicating that Dogecoin’s current price is higher than its respective period average.
The Moving Average Convergence Divergence (MACD) indicator, which compares two EMAs to assess an asset’s momentum, also gave a ‘buy’ signal.
In addition, IntoTheBlock says that large trading volume has increased by nearly 5% in the past 24 hours, indicating increased interest from whales.
The net amount of DOGE entering crypto exchanges decreased by 9% in the past 24 hours, reflecting reduced selling interest.
Price Trend: At the time of writing, Dogecoin was trading at $0.1662, up 15.65% in the past 24 hours, according to data from Benzinga Pro.
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