Meme coins Dogecoin and Shiba Inu have seen double-digit gains in the past 24 hours, with many holders seeing gains overnight. Dogecoin, often hailed as the king of meme cryptocurrencies, led this rally with a 16% rise in 24 hours, quickly breaking through key resistance levels at $0.15 and $0.16.
The rally is not limited to DOGE. Another popular meme coin, Shiba Inu, also benefited from positive market sentiment, registering an increase of around 10% during the same period.
This surge in the prices of Dogecoin and Shiba Inu can be attributed to recent developments in the US election situation, which has stimulated widespread interest in the cryptocurrency market. Interestingly, this interest has Bitcoin currently trading at a six-month high of over $71,000.
Dogecoin and Shiba Inu pump after Trump rally
At Trump’s rally at New York’s Madison Square Garden on Sunday, Musk gave a short speech in which he mentioned what he called the Department of Government Efficiency. This seemingly random term has gained a lot of attention among meme coin fans, especially Dogecoin enthusiasts.
“Department of Government Efficiency” is abbreviated as DOGE, which perfectly matches Dogecoin’s ticker symbol. The connection has been entrenched in the memecoin community since Musk first coined the term in early October, with many predicting a significant rise if Donald Trump wins the next election. I am doing it.
Immediately after Musk appeared at the rally, excitement grew further later that day when he posted a meme on social media platform X featuring himself alongside the iconic DOGE avatar.
— Elon Musk (@elonmusk) October 28, 2024
This playful nod to the Dogecoin avatar, which has now been viewed more than 56.4 million times on the platform, sent social media into a frenzy, with many meme coin supporters pinning their hopes on the post as a new endorsement for DOGE . The ripple effect was immediate as Dogecoin experienced a rally that quickly spread to other meme assets such as Shiba Inu, Pepe, and Dogwifat.
DOGE takes 2024 to new heights
As of the latest data, Dogecoin is trading at $0.1649, having reached an intraday high of $0.1683 over the past 24 hours. Interestingly, DOGE is up about 16% over this period, which is probably one of the best performances since April.
Dogecoin bulls are attacking the $0.17 price level in hopes of breaking out significantly. According to technical analysis, DOGE’s latest rally forms a breakout from the bullish flag pattern on the 4-hour chart, and the bullish signal suggests a continued rally. Cryptocurrency analyst Ali Martinez pointed to a target price of $0.175.
Source:X
At present, Dogecoin’s price trend is attracting attention due to its association with Elon Musk and indirectly with the US presidential election. If Dogecoin traders can maintain this momentum, the bulls could attack the 2024 high of $0.22 by the end of the year.
DOGE price continues upward trend | Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, Charts from Tradingview.com
