Meme coins Dogecoin and Shiba Inu have posted double-digit gains in the past 24 hours, helping many holders post gains overnight. Dogecoin, often hailed as the king of meme cryptocurrencies, has led this rally with a 16% increase in 24 hours and quickly broke significant resistance levels at $0.15 and $0.16.
The rally is not just limited to DOGE. Shiba Inu, another popular meme coin, has also benefited from the positive sentiment in the market, posting gains of around 10% within the same time frame.
This surge in Dogecoin and Shiba Inu prices can be attributed to recent dynamics in the US election landscape, which has sparked broader interest in the cryptocurrency market. It is interesting that this interest exists also pushed Bitcoin to now trade at a six-month high above $71,000.
Dogecoin and Shiba Inu pump after Trump rally
While speaking at a Trump rally held at Madison Square Garden in New York on Sunday, Musk gave a short speech in which he has made a reference to something he called the government’s Ministry of Efficiency. The term, which initially seemed arbitrary, has attracted a lot of attention among meme coin fans, especially Dogecoin enthusiasts.
Abbreviated, “Department of Government Efficiency” describes DOGE, which perfectly matches Dogecoin’s ticker symbol. This connection has taken hold in the meme coin community since Musk first coined the term in early October, with many of them expect a substantial amount collection if Donald Trump won the coming elections.
The excitement was heightened shortly after Musk’s appearance at the rally, when he posted a meme on social media platform X later that day featuring himself and the iconic DOGE avatar.
— Elon Musk (@elonmusk) October 28, 2024
This playful nod to the Dogecoin avatar, which currently has over 56.4 million views on the platform, caused a social media frenzy, with many meme coin supporters banking on the post as renewed support for DOGE. The ripple effects were immediate, as Dogecoin experienced a rally that quickly spread to other meme assets, including Shiba Inu, Pepe, and Dogwifhat.
DOGE to make the new 2024 high
According to the latest data, Dogecoin is trading at $0.1649, having reached an intraday high of $0.1683 in the last 24 hours. Interestingly, DOGE is now up about 16% in this time frame, which may be one of the best performances since April.
Dogecoin bulls are attacking the $0.17 price level aiming for a significant breakout to the upside. Technical analysis shows that DOGE’s latest rally has broken out of the 4-hour chart’s bull flag pattern, a bullish signal indicating continued gains. Crypto analyst Ali Martinez noted a price target from $0.175.
As it stands, Dogecoin’s price activity is attracting attention due to its association with Elon Musk and, indirectly, with the US presidential race. If Dogecoin traders were to keep up the momentum, this would be the bulls attacking the 2024 high of $0.22 before the end of the year.
Featured image created with Dall.E, chart from Tradingview.com