As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for years now, I can confidently say that the latest surge in Dogecoin’s price is no accident. The Doge-effect, as we fondly call it, seems to be triggered every time Elon Musk, the real-life Tony Stark of our times, mentions or hints at his affection for the meme coin.
In the past day, the value of Dogecoin has seen a substantial increase. Once more, this rise can be attributed to Elon Musk, the wealthiest individual on earth, who is a well-known enthusiast of the leading meme cryptocurrency.
Dogecoin Price Rallies Following DOGE Mention
At the Donald Trump rally in New York, the price of Dogecoin surged after it was brought up during the event. Elon Musk, who is known as a co-founder of the Department of Government Efficiency (D.O.G.E), attended the event. Interestingly, when the announcer mentioned D.O.G.E, it also sounded like a nod to the popular meme cryptocurrency, Dogecoin.
In recent days, Dogecoin has consistently surged whenever it is linked to Elon Musk’s Department of Government Efficiency. This surge is particularly noticeable due to the D.O.G.E acronym, as evidenced by its 31% increase in value over a seven-day period following Musk’s use of ‘D.O.G.E’ during a Pennsylvania town hall meeting.
It’s noteworthy that the increase in Dogecoin price might be due to Elon Musk making a ‘Doge flex’ gesture at the rally, as he later confirmed on his X platform by sharing an image where he explained that the pose was indeed a reference to the Doge flex.
As a researcher, I’m observing and anticipating that the value of Dogecoin may keep gaining from the ‘D.O.G.E’ factor, with the November 5th presidential elections fast approaching. If Donald Trump were to win these elections, there’s potential for the Department of Government Efficiency (DoGE) to materialize. In such a scenario, ‘D.O.G.E’ could become a significant component in the upcoming administration, making it an interesting topic for further analysis and speculation.
This significantly enhances the leading meme token, often overshadowed by emerging meme coins during this bull market.
DOGE Primed For A Big Move
In a recent post on X, crypto analyst Masonius explained why there’s potential for a significant increase in the price of Dogecoin. He pointed out that the volume is growing on this meme coin, suggesting it has robust support for its current price level. If the price breaks through the current resistance, it might surge towards $0.4 to $0.6 with substantial momentum according to Masonius.
Masonius pointed out that several Break of Structure (BOS) signals are emerging, suggesting a potential change in direction. He noted that Dogecoin’s price appears primed for an upward move, and the current setup looks encouraging. Furthermore, he mentioned that the Moving Average Convergence Divergence (MACD) is on the brink of a bullish cross, which, if it occurs, could lead to the long-awaited surge in Dogecoin that the market expects.
To wrap up, the analyst pointed out that the value of Dogecoin has been surpassing Bitcoin‘s recent growth, demonstrating its growing power and momentum. As a result, Masonius is optimistic that the $1 psychological price mark for Dogecoin may soon be within reach. He anticipates increased adoption of DOGE, which could propel it towards this target price.
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2024-10-28 13:41