The price of Dogecoin has seen a significant rise in the last 24 hours. And this is again thanks to the richest man in the world, Elon Muskwhich is known as a big supporter of the first meme coin.
Dogecoin prices rise after mention of DOGE
the Dogecoin price They demonstrated after DOGE was mentioned at Donald Trump’s rally in New York. Elon Musk appeared at the event and was introduced as co-founder of the Department of Government Efficiency (DOGE). The mention of DOGE came when the announcer said the abbreviation DOGE, which also seemed like a reference to the meme currency.
Recently, Dogecoin has continued to surge whenever a meme pops up in relation to Musk’s Department of Government Efficiency, especially due to the DOGE acronym. Dogecoin price gained 31% in seven days amidst this Mention of musk From “DOGE” at a Pennsylvania town hall meeting.
Meanwhile, it should be noted that the price of another Dogecoin may have risen due to Musk doing a “Doge flex” on the rise. The richest in the world subscriber A photo on his X rig in which he confirmed that he was hinting at the Doge flex when he struck the pose.
The price of Dogecoin is expected to continue to benefit from “DOGE,” especially with the presidential election on November 5 approaching. Moreover, government efficiency management can eventually come to life if… Donald Trump wins Elections, which means that “DOGE” becomes the mainstay in the next administration.
This will provide a huge boost to the first meme coin, which continues to remain in the shadow of the newer meme coins on this upward trend.
DOGE is preparing for a big move
In X’s post, cryptocurrency analyst Masonius shared a reason Dogecoin price Preparing for a big move. First, the analyst mentioned that trading volume is meme-driven, with DOGE featuring strong volume support in the current price range. He claimed that surpassing the weak rally could send Dogecoin into a range between $0.4 and $0.6 with “strong momentum.”
Second: Masonius mentioned that multiplicity Break Structure (BOS) Signals appear, indicating a trend shift. He noted that Dogecoin price shows that it is ready to move upwards, and the setup looks promising. The analyst also stated that the Moving Average Convergence-Divergence (MACD) is on the verge of a bullish crossover, which, if confirmed, will lead to the DOGE rally that the market has been anticipating.
Finally, the analyst stated that the price of Dogecoin has surpassed the price of Dogecoin Bitcoin price In recent gains, which indicates that the meme currency is gathering strength and momentum. With this, Masonius is confident that the psychological price target of $1 is on the horizon for the Dogecoin price. He expects DOGE to start enjoying more adoption, which will send it to this price target.
Featured image created with Dall.E, chart from Tradingview.com