The Dogecoin price has experienced a significant increase in the last twenty-four hours. This is once again thanks to the richest man in the world, Elon Muskwho is known to be a big supporter of the main meme coin.
Dogecoin price increases after DOGE listing
The Dogecoin price gathered after the DOGE mention at the Donald Trump rally in New York. Elon Musk appeared at the event and was introduced as the co-founder of the Department of Government Efficiency (DOGE). The DOGE mention came when the announcer said the DOGE acronym, which also sounded like an allusion to the meme coin.
Dogecoin has continued to spike in recent times as the meme coin surfaces in relation to Musk’s Department of Government Efficiency, mainly due to the DOGE acronym. Dogecoin price saw a 31% gain in seven days Musk’s mention of ‘DOGE’ during a town hall meeting in Pennsylvania.
Meanwhile, it’s worth mentioning that another one that may have seen the Dogecoin price rise is because Musk struck a ‘Doge flex’ pose during the rally. The richest in the world shared a photo on his X-platform confirming that he was alluding to the Doge flex when he struck the pose.
The Dogecoin price is expected to continue to benefit from the ‘DOGE’, especially as the November 5 presidential election approaches. Moreover, the government’s Ministry of Efficiency could eventually come to life as Donald Trump wins the elections, which means that ‘DOGE’ will be a mainstay in the next government.
This will give a big boost to the main meme coin, which remains in the shadow of newer meme coins in this bull run.
DOGE ready for a big step
In an X-post, crypto analyst Masonius shared why the Dogecoin price is ready for a big step. First, the analyst said volume is building on the meme coin, with DOGE providing strong volume support at its current price range. He claimed that a push past the weak high could send Dogecoin into the $0.4 to $0.6 range with “serious momentum.”
Secondly, Masonius called that multiplicity Structural fracture (BOS) Signals appear, indicating a trend shift. He noted that the Dogecoin price shows that it is ready to go up, and that the setup looks promising. The analyst also mentioned that the Moving Average Convergence Divergence (MACD) is on the verge of a bullish crossover, which if confirmed would lead to the DOGE wave that the market has been anticipating.
Finally, the analyst said that the Dogecoin price has surpassed the rate Bitcoin price in recent gains, showing that the meme coin is gaining strength and momentum. With this, Masonius is confident that the psychological price target of $1 is in sight for the Dogecoin price. He expects DOGE to enjoy more adoption, pushing it toward this price target.
Featured image created with Dall.E, chart from Tradingview.com