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Dogecoin is on the rampage as the Elon Musk D.O.G.E initiative takes the center stage.
Key Notes
Dogecoin price has rallied and leading top altcoins in weekly surge.The coin’s growth hinges on its ties to Elon Musk.Dogecoin technicals show there is room for more growth.Canine-themed memecoin Dogecoin DOGE $0.12 24h volatility: 2.5% Market cap: $17.82 B Vol. 24h: $1.93 B is currently trending as one of the top performers amidst a broader crypto market rebound. Its surge of more than 12% coincides with the growing influence of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk in the political landscape. Additionally, there is speculation about a potential government initiative sharing the D.O.G.E acronym. All this news has fueled a price rally for DOGE.
Elon Musk’s Plan Triggers DOGE Price Rally
Elon Musk is steadily deepening his roots in American politics. He recently donated almost $75 million to the Political Action Committee (PAC) that he created to campaign for Republican Presidential candidate Donald Trump, further strengthening the ties between the two key figures. In addition, he has proposed an initiative called the “Department of Government Efficiency” (D.O.G.E.).
Similarly, Trump announced his intention to enlist Musk to lead a “government efficiency commission” if he wins the upcoming election. This further lends credibility to the D.O.G.E. initiative and raises speculations about the possibility of the government adopting the D.O.G.E. name.
Dogecoin traded at $0.122, marking a 13.83% weekly gain. This surge positions the meme coin as the top performer among the 40 largest cryptocurrencies by market capitalization. Noteworthy, the DOGE market cap is approximately $17.8 billion. The trading volume of the memecoin is 19.87% higher.
This shows that traders are still confident in the prospect of DOGE. It is worth noting that this altcoin remains more than 83% lower than its all-time high (ATH) of $0.7376 from three years ago.
Notably, Musk’s influence over the cryptocurrency must be considered. In July 2023, Musk simply wrote “Doges ftw”, on his X page, and a Dogecoin price rally followed
Dogecoin From a Technical Standpoint
From a technical standpoint, the meme coin is showcasing a major uptrend. For context, the coin has successfully broken above the $0.1200 resistance level to reach its current market value. Similarly, DOGE trades well above the 100-hourly Simple Moving Average (SMA). Its Moving Average Convergence Divergence (MACD) also exhibits a positive momentum in the bullish zone.
The Relative Strength Index (RSI) has retained a value above the 50 neutral level. This RSI indicator typically reflects sustained buying pressure at the current level. With the 70 mark serving as the oversell zone, the current price level shows there’s more room for growth. Analysts think the next levels for traders to watch out for are $0.1280 and $0.1300 for resistance and $0.1235 and $0.1200 price levels for support.
Meanwhile, a large number of DOGE holders have recently exited their positions. According to blockchain analytics platform Santiment, more than 106,600 addresses have cleared their holdings in the past week. This reduces the total holder count to 6.62 million, the lowest the protocol has recorded since April.
Conversely, market analysts think this might strengthen the current rally, especially as remaining holders demonstrate stronger conviction.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
