Dogecoin, the king of meme coins, is back Capture the spotlight It is regaining its throne among meme currencies. According to price data from Coinmarketcap, Dogecoin currently outperforms other memecoins in gains on both the 24-hour and seven-day time frames.
What’s even more impressive is that Dogecoin doesn’t just outperform its meme competitors. It also outperforms all other major cryptocurrencies in the top 20 rankings by market cap.
As in, Dogecoin It looks ready to rise to $0.2But what could lead this rally?
What is behind DOGE’s double-digit price rise?
At the time of writing, Dogecoin price is recording double-digit gains across all major time frames, with a notable 30% increase over the past seven days. A broader look at the cryptocurrency landscape reveals that this price rise is not limited to Dogecoin. Several other digital assets are also benefiting from the wave of notable gains, driven by Bitcoin’s continued rise and subsequent breakout above $68,000 for the first time since June.
However, Dogecoin, which has mostly followed Bitcoin’s gains since the beginning of the year, has now broken away and is currently outperforming Bitcoin. To put this in context, Dogecoin is up approximately 10% in the past 24 hours, compared to Bitcoin’s current 0.52% in the same 24 hours.
Dogecoin’s rally began this week on Tuesday, October 15, along with other cryptocurrencies. However, Dogecoin’s rally turned to full steam on Thursday, October 17. The reason for this was an unexpected move from Elon Musk’s Tesla company. Which transferred more than $750 million From Bitcoin to new, undisclosed wallets.
Although the deal was not directly related to Dogecoin, it sparked speculation among investors that Tesla may be converting its assets into a meme coin, leading to increased demand for DOGE.
Adding to the excitement, Musk briefly mentioned Dogecoin during a town hall meeting in Folsom, Pennsylvania, on the same day. When Musk was asked if he would lead a “new government efficiency department” in reference to his posts on the social media platform X, he simply smiled and replied: “Yes, Dougie.”
This was enough to be the long-awaited signal for Dogecoin fans, as many of them started rushing towards the meme coin again. This combination of speculation has led to an influx of new investments in Dogecoin, creating a fear of missing out (FOMO) among investors.
What’s next for Dogecoin price?
At the time of writing, Dogecoin is trading at $0.145, its highest point since June 13. It broke above resistance At $0.14 it is on its way to strong momentum for further gains. In case a Continuing highs and FOMO, Dogecoin price will steadily approach the $0.2 price point for the rest of October.
However, there is still a possibility for DOGE to pull back to retest the resistance at $0.14 before resuming the rally.
Featured image from Getty Images, chart from TradingView