Dogecoin (DOGE), the original meme coin, exploded on price charts Monday, emerging as the top-performing billion-dollar capitalization cryptocurrency in the last 24 hours. The coin surged over 15%, with a staggering 184% spike in 24-hour trading volume, making it the eighth-most traded cryptocurrency and the most traded meme token during that period.
This unexpected rally appears to be directly tied to the recent political landscape. Elon Musk, the CEO of Tesla and SpaceX, made a grand entrance during Donald Trump’s rally at Madison Square Garden, introducing himself as the “co-founder of the Department of Government Efficiency,” or DOGE. With Trump’s presidential odds on betting markets steadily increasing, investors are seemingly anticipating the possibility of a ‘DOGE’ department under Musk’s leadership in the next administration.
This speculation has translated into tangible market action. DOGE has seen a remarkable 28% increase over the past month and a whopping 72.82% rise since the beginning of 2024.
Technical analysis also paints a bullish picture. Data from TradingView indicates that Dogecoin’s technical indicators are flashing strong ‘Buy’ signals. Exponential Moving Averages (EMAs) are all pointing towards ‘Buy’, suggesting that Dogecoin’s current price is exceeding the average values for these periods. The Moving Average Convergence Divergence (MACD) indicator, which assesses the momentum of an asset by comparing two EMAs, is also signaling a ‘Buy’.
Adding to the positive outlook, large transaction volume has increased by nearly 5% in the last 24 hours, according to IntoTheBlock, indicating heightened interest from whales. Additionally, the net amount of DOGE entering cryptocurrency exchanges has dropped by 9% in the last 24 hours, signifying a decrease in selling pressure.
At the time of writing, Dogecoin is trading at $0.1662, representing a 15.65% increase in the last 24 hours. This dramatic surge in price and trading volume is a clear reflection of the market’s excitement and optimism surrounding the potential for DOGE to play a significant role in a future Trump administration.
The cryptocurrency market is known for its volatility and unpredictable nature. While the current bullish sentiment surrounding DOGE is significant, investors are advised to exercise caution and conduct thorough research before making any investment decisions.
