Dogecoin (DOGE), the meme-inspired cryptocurrency, has taken the crypto world by storm with a massive 10.78% price surge on October 16th. This rally is part of an ongoing trend, as DOGE has recorded weekly and monthly gains of 14.80% and 26.57%, respectively. Currently trading at $0.1266, the coin’s trading volume exploded by 90% over the past 24 hours, according to data from CoinMarketCap.
This sudden uptick isn’t just a blip—it reflects Dogecoin’s growing market activity. Combined figures from CoinMarketCap and CoinGlass reveal that DOGE’s spot and futures trading volume stands at $5.5 billion, underlining the heightened interest among traders.
Analysts Predict DOGE Could Hit $10—Or Even $24
Prominent crypto analyst Ali Martinez is optimistic about Dogecoin’s future. In a bold Twitter post on October 16, Martinez pointed to a rising wedge pattern dating back to 2017, suggesting DOGE could reverse from its current uptrend and soar to new heights. Martinez identified key support levels from 2021 and 2024, where DOGE prices held steady at $0.00300 and $0.0700.
Looking ahead, Martinez suggests that Dogecoin could not only reach $10 but may also climb as high as $24 in the long term—a forecast that’s sparking excitement across the crypto community.
Elon Musk’s Influence – The Dogecoin Factor
Dogecoin’s meteoric rise has always been tied closely to Elon Musk, who frequently endorses it as “the people’s crypto.” Each Musk tweet about DOGE has caused price spikes, with some surges exceeding 50%. In February 2024, Musk’s declaration sent the coin soaring within hours, solidifying its reputation as the most influential meme coin.
This ongoing Musk support has propelled Dogecoin into the ranks of top-tier altcoins. DOGE now holds the #9 spot among meme coins, outpacing rivals like Shiba Inu, Bonk, and Dogewifhat, as reported by CoinGecko. Despite fluctuations in the broader meme coin market—which has a total market cap of $59.8 billion, down 1.1% in the last 24 hours—Dogecoin remains a standout performer.
Also Read: Dogecoin (DOGE) Rallies 7.56% As Whales Accumulate – Is A Bull Run Incoming?
A Meme Coin with Real Potential
Once dismissed as a joke, Dogecoin has evolved into a serious contender in the crypto market. With Musk’s backing and the growing support of analysts like Martinez, DOGE seems poised for even greater gains. As it challenges the dominance of major altcoins, the question remains: Could Dogecoin’s next pump really push it past the $10 mark?
For now, traders and enthusiasts will be watching closely to see if this meme-inspired token can continue defying expectations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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