Meme Coins Dogecoin and Shiba Inu have double-digit gains in the last 24 hours, leaving many owners with overnight gains. Dogecoin, often hailed as the king of meme cryptocurrencies, led the rally with an increase of 16% in 24 hours, quickly breaking the important resistance levels at $ 0.15 and $ 0.16.
The meeting is not limited to DOGE. Shiba Inu, another popular meme coin, also benefited from the positive sentiment in the market, recording a gain of around 10% during the same period.
This increase in the prices of Dogecoin and Shiba Inu may be due to the recent changes in the US election situation, which has encouraged a wide interest in the cryptocurrency market. It is interesting that this interest has it also pushed Bitcoin so far trading at a six-month high above $71,000.
Dogecoin and Shiba Inu Pump After Trump Rally
While speaking at Trump’s rally on Sunday at Madison Square Garden in New York, Musk gave a brief speech where make a reference to something he called the Department of Public Works. This name, which seems random at first, has caused a lot of attention among fans of meme characters, especially Dogecoin enthusiasts.
Abbreviated, ‘Department of Government Efficiency’ means DOGE, perfectly aligned with the Dogecoin ticker symbol. This connection has caught the attention of the meme coin community since Musk first coined the term in early October, many of them. we have high expectations rally if Donald Trump wins in the next election.
Excitement grew shortly after Musk’s appearance at the rally, when he posted a meme on social media platform X later that day featuring himself next to the iconic DOGE image.
– Elon Musk (@elonmusk) October 28, 2024
This playful nod to Dogecoin’s avatar, which now has over 56.4 million views on the platform, sent social media into a frenzy, with many fans of the meme coin 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 2024 High Innovation
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 nearly 16% in this timeframe, which is one of its best performances since April.
Dogecoin bulls are attacking the $0.17 price level with the aim of an important break to the upside. Technical analysis shows that the recent meeting of DOGE made a breakout from the bull flag pattern on the 4-hour chart, a bullish signal that suggests continued gains. Crypto analyst Ali Martinez target value is noted cost 0.175 $.
As it stands, Dogecoin’s price action is attracting attention due to its association with Elon Musk and, indirectly, the US presidential race. If Dogecoin traders were to keep up the momentum, this could see bulls attacking its 2024 high of $0.22 before the end of the year.
The featured image was created with Dall.E, a chart from Tradingview.com