The price of Dogecoin has experienced a significant increase in the last twenty-four hours. This is also thanks to the richest man in the world, Elon Muskwho is known as a major supporter of the leading meme coin.
Dogecoin Price Rallies Following DOGE Statement
I Dogecoin price met following DOGE’s speech at Donald Trump’s rally in New York. Elon Musk made an appearance at the event and was introduced as the Co-Founder of the Department of Government Works (DOGE). The mention of DOGE came as the announcer said the acronym DOGE, which sounds like a reference to the meme’s currency.
Dogecoin in recent times, has continued to rise whenever the meme coin comes up in relation to the Department of Government Efficiency, mainly because of the name DOGE. Dogecoin price has enjoyed a 31% gain in seven days Musk is mentioned of ‘DOGE’ at a Pennsylvania town hall meeting.
Meanwhile, it should be noted that another Dogecoin price that may have risen is because Musk hit the ‘Doge flex’ in the rally. The richest in the world shared photo on his X stage where he confirmed he was referring to the Doge flex while hitting the spot.
The price of Dogecoin is expected to continue to benefit from ‘DOGE,’ especially as the November 5th presidential election approaches. In addition, the Department of Public Works can survive if Donald Trump is winning election, which means that the ‘DOGE’ becomes a pillar in the next administration.
This will provide a major boost to the flagship meme coin, which continues to sit in the shadow of newer meme coins in this bull run.
The DOGE Pronounced a Great Movement
In an X post, crypto analyst Masonius shared why Dogecoin price prepared for the big move. First, the analyst mentioned that the volume is building for the meme coin, DOGE boasts of strong volume support in its current price range. He said further weak pressure could send Dogecoin to the $0.4 to $0.6 range with “great momentum.”
Second, Masonius said as much Structural Separation (BOS) signals appear, indicating a change in trend. He noted that the price of Dogecoin shows that it is ready to go higher, and the setup looks promising. The analyst also pointed out that the Moving Average Convergence Divergence (MACD) is close to a bullish crossover, which, if confirmed, will lead to the explosion of the DOGE that the market was expecting.
Finally, the analyst mentioned that the price of Dogecoin has been going through The price of Bitcoin in recent gains, indicating that the meme coin is gathering strength and momentum. With this, Masonius is convinced that the price of $1 of consciousness is reflected in the price of Dogecoin. He expects DOGE to start enjoying more acquisitions, which will send it to this price target.
The featured image was created with Dall.E, a chart from Tradingview.com