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Dogecoin, the largest and perhaps most popular meme cryptocurrency, has seen significant gains over the past week, reviving optimism about the potential for a memecoin-led rally. At the time of writing, Dogecoin is trading at $0.1431, marking a 24% rise in the last week alone.
The strong upward trend in price has led some analysts to come up with a bullish roadmap for Dogecoin. They believe that the current market environment is favorable and DOGE has the potential for further gains.
Is Dogecoin gearing up for another historic rally?
Popular crypto trader Brandts recently told X that Dogecoin looks bullish on all time frames to his followers. Brandts shared a chart showing that DOGE broke through six-month diagonal resistance.
“It appears to me that DOGE is currently sucking the liquidity out of the entire meme ecosystem,” Brandts wrote. “I don’t see anything more bullish on all time frames than DOGE. DOGE has done this in past alt seasons, but ran so hard that nothing else moved. Definitely a déjà vu. There are moments.”
Therefore, if history repeats itself, DOGE may witness another historic spike. The recent rally has taken DOGE to a four-month high, and a meteoric rise like this will push the meme coin to new highs.
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The original meme cryptocurrency, launched in 2013 as a parody of Bitcoin, maintains a coveted position among the top 10 most valuable cryptocurrencies. At the time of publication, DOGE is valued at $20.9 billion. By the way, Dogecoin is currently worth more than Nippon Steel, Japan’s largest steel manufacturer, and Suzuki Motors, one of Japan’s largest car companies.
This price surge follows recent speculation that Dogecoin could start howling at the moon again, making the pipe dream of reaching the coveted $1 level during this cycle a reality. It will be.
elon musk factor
Dogecoin has clearly outperformed top competitors such as Bitcoin and Ethereum recently, largely thanks to Tesla/SpaceX billionaire Elon Musk.
Musk gave a speech at City Hall in support of Donald Trump in the run-up to next month’s US presidential election. During the event, Musk reiterated the proposal of the Department of Government Efficiency (cleverly abbreviated as DOGE, Dogecoin’s official ticker).
The owner of X revealed over the weekend that he is “not actively involved” in cryptocurrencies. He just likes Dogecoin.
“Actually, I’m not actively involved in cryptocurrencies,” he said. “I make Dogecoin jokes and stuff because I love Dogecoin. It’s got the best sense of humor, it’s got dogs, it’s got memes, I love all of that.”
Musk, the self-proclaimed “Dogefather,” has a history of moving Dogecoin’s price through tweets and public statements. The Musk Association is giving traders some confidence that DOGE may soon be able to secure the promotion it needs to move higher.
