Meme coins Dogecoin and Shiba Inu posted double-digit gains over the past 24 hours, leaving many holders with gains overnight. Dogecoin, often hailed as the king of cryptocurrencies, led the rally with a 16% increase in 24 hours, and quickly broke through major resistance levels at $0.15 and $0.16.
The rise is not limited to DOGE alone. The Shiba Inu coin, another popular meme, has also benefited from positive market sentiment, posting an approximate 10% gain during the same time frame.
This rise in Dogecoin and Shiba Inu prices can be attributed to recent dynamics in the US electoral landscape, which has stimulated broader interest in the cryptocurrency market. It is interesting that such interest has occurred I also paid in Bitcoin It is now trading at a six-month high above $71,000.
Dogecoin and Shiba Inu pump after Trump rally
While speaking at Trump’s rally held on Sunday at Madison Square Garden in New York, Musk gave a short speech during which he said: He pointed to something He called the Government Efficiency Department. This term, which seems random at first, has sparked great interest among meme fans, especially Dogecoin fans.
When abbreviated, “Department of Government Efficiency” stands for DOGE, and is perfectly aligned with the Dogecoin tick symbol. This association has taken hold in the coin community since Musk first coined the term in early October, with many of them Expect great pool If Donald Trump wins Next elections.
Excitement swelled shortly after Musk’s appearance at the rally, when he posted a meme on social media platform X later that day showing himself next to DOGE’s famous avatar.
– Elon Musk (@elonmusk) October 28, 2024
This playful reference to the Dogecoin avatar, which currently has over 56.4 million views on the platform, sent social media into a frenzy, with many meme currency supporters relying on the post as renewed support for DOGE. The ripple effects were immediate, with Dogecoin seeing a spike that quickly spread to other meme assets, including Shiba Inu, Pepe, and Dogwifhat.
DOGE to make 2024 a new high
According to the latest data, Dogecoin is trading at $0.1649, after hitting an intraday high of $0.1683 in the past 24 hours. Interestingly, DOGE is now up about 16% in this time frame, which is arguably one of its best performances since April.
Dogecoin bulls are attacking the $0.17 price level aiming for a major breakout to the upside. Technical analysis indicates that DOGE’s recent rise has formed a breakout of a bullish flag pattern on the 4-hour chart, which is a bullish signal indicating continued gains. Cryptocurrency analyst Ali Martinez He indicated the target price Valued at $0.175.
Currently, Dogecoin price activity is attracting attention due to its connection to Elon Musk and, indirectly, to the US presidential race. If Dogecoin traders can maintain the momentum, it could see a rally Bulls are attacking the 2024 high at $0.22 Before the end of the year.
Featured image created with Dall.E, chart from Tradingview.com