Dogecoin DOGE/USD is soaring in trading on Monday after Elon Musk called it the top of the meme coin.
What happened: At Donald Trump’s controversial rally at Madison Square Garden on Sunday, Musk was introduced as the “co-founder of the Department of Government Efficiency,” a direct reference to the ticker “DOGE.” .
“The Department of Government Efficiency will solve it,” he said in his remarks, again referring to DOGE.
Cryptocurrency trader Kaduna believes that if Donald Trump wins the presidency, there will be more emphasis on Musk’s Department of Government Efficiency, which could bring the topic to a nationally televised debate. I predict that.
Following Musk’s comments, chart analyst Ali Martinez predicts that Dogecoin’s price target will be $0.175 if the current support level holds.
Also read: Traders share a 3-point strategy to win with meme coins—this is where Shiba Inu Dogecoin comes in
Statistics: According to IntoTheBlock data, large transaction volume increased by 4.9% and daily active addresses increased by 3.3%. Transactions over $100,000 increased from 316 to 385 in one day. Exchange net flows fell by 9%.
Dogecoin’s derivatives trading volume surged 205%, and open interest rose 19.8% to $1.08 billion, according to data from Coinglass.
Price Trend: Dogecoin is up 9.3% in the past 24 hours and is trading at $0.154 at the time of writing.
What’s next: The impact of meme coins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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