Dogecoin Surges as Meme Coin Market Experiences Resurgence

• The price of Dogecoin surged by double digits within 24 hours, reaching its highest point in nearly three months.
• DOGE broke through the $0.13 threshold, surpassing levels last seen in July, as numerous meme coins experienced gains.

This surge in the meme coin’s price occurred amidst a general optimism in the cryptocurrency market, with Bitcoin exceeding $68k. It’s likely Dogecoin also benefited from a fresh wave of positive sentiment following recent remarks by Tesla CEO Elon Musk.

According to data from CoinMarketCap, DOGE was the top-performing cryptocurrency among the top 100 by market cap as of Friday morning. The dog-themed meme coin’s gain of 10% over 24 hours coincided with the upward movement of other tokens like Popcat, Mog Coin, Floki, and Cat in a Dog’s World.

At the time of this report, the total market cap for meme coins was up by 3.6%, now totaling $62 billion, suggesting a possible bullish trend for cryptocurrencies is emerging.

As Dogecoin’s price looks to continue its upward trajectory, crypto analysts forecast a possible breakout on the horizon.

Crypto trader Hardy notes that DOGE has undergone a “textbook” falling wedge breakout and suggests a potential wild rally ahead.

$DOGE, the king of memes is starting to wake up! A classic breakout from the falling wedge.

I’m looking at dips to establish a solid long position.

Hang tight, things might get exciting pic.twitter.com/fmzQhrHKsD

— Hardy (@Degen_Hardy) October 18, 2024

DOGE rises following Musk’s remark

Former President Donald Trump has expressed his willingness to appoint X owner and Tesla CEO Elon Musk to his cabinet if he wins the upcoming election. This proposed position is in the new Department of Government Efficiency, informally referred to as ‘DOGE’.

While speaking in Pennsylvania, Musk responded to a question regarding a potential role in the new department by mentioning “DOGE”. Although his comment wasn’t explicitly about the meme coin, it’s significant considering Musk’s history of supporting Dogecoin.

Tesla even integrated the meme coin as a payment option for its electric vehicles. DOGE reached an all-time high of $0.73 in May 2021.