Dogecoin (DOGE) is riding a wave of positive momentum, surging 8% in the past 24 hours. This rally is part of a broader market rebound, and it’s attracting attention from none other than Tesla CEO Elon Musk, who continues to be a major influencer in the crypto space.
Technical analysts are buzzing about a potential breakout. Crypto expert Ali Martinez believes a sustained close above $0.10 could propel Dogecoin out of its bullish falling wedge pattern, sending it towards $0.15. He exclaims, “Imagine if, after all this craziness, Dogecoin is the one to break out and kick off the next leg up.”
Another crypto trader, Javon Marks, echoes this sentiment, highlighting the possibility of a “multi-month Falling Wedge breakout.” He predicts that a successful break could more than double Dogecoin’s price to $0.22, with an ultimate price target of $0.6533.
Adding fuel to the fire, Elon Musk has once again teased the Dogecoin community with a playful tweet. Responding to a humorous post about the “Department of Government Efficiency,” Musk declared that “our official mascot will be the Doge.” This playful reference, coupled with his previous tweet featuring an AI image with “Department of Government Efficiency” and “DOGE” references, has sent the internet into a frenzy.
Crypto trader Unipcs believes Musk is “seemingly intending to shill DOGE” and with October historically being a strong month for crypto, he feels “things are about to get mental for crypto and meme coins in particular.”
On-chain data supports the growing momentum. IntoTheBlock reports a 16% increase in Dogecoin’s large transaction volume and a 0.99% rise in daily active addresses over the past 24 hours. While exchange netflows are down by a significant 1,085.9%, around 72% of Dogecoin holders are currently in profit.
The influence of meme coins is a topic that will be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19th. With Elon Musk’s continued interest and the potential for a breakout, Dogecoin is definitely worth keeping an eye on.
