The Dogecoin price has experienced a big surge within the last twenty-four hours. That is again due to the world’s richest man, Elon Musk, who is thought to be an enormous supporter of the foremost meme coin. 

Dogecoin Price Rallies Following DOGE Mention

The Dogecoin price rallied following the DOGE mention on the Donald Trump rally in Latest York. Elon Musk made an appearance on the event and was introduced because the Co-founder of the Department of Government Efficiency (D.O.G.E). The DOGE mention got here because the announcer said the D.O.G.E acronym, which also seemed like an allusion to the meme coin. 

Dogecoin has in recent times, continued to spike each time the meme coin comes up in relation to Musk’s Department of Government Efficiency, especially due to the D.O.G.E acronym. The Dogecoin price enjoyed a 31% gain in seven days amid Musk’s mention of ‘D.O.G.E’ at a Pennsylvania town hall meeting. 

Meanwhile, it’s price mentioning that one other the Dogecoin price possibly rose is because Musk struck a ‘Doge flex’ pose on the rally. The world’s richest shared an image on his X platform through which he confirmed that he was alluding to the Doge flex when he struck the pose. 

The Dogecoin price is predicted to proceed benefiting from the ‘D.O.G.E,’ especially because the November 5 presidential elections draw closer. Furthermore, the Department of Government Efficiency could eventually come to life if Donald Trump wins the elections, meaning that ‘D.O.G.E’ becomes a mainstay in the following administration. 

This can provide a significant boost for the foremost meme coin, which continues to stay within the shadow of newer meme coins on this bull run. 

DOGE Primed For A Big Move

In an X post, crypto analyst Masonius shared why the Dogecoin price is primed for an enormous move. First, the analyst mentioned that volume is constructing on the meme coin, with DOGE boasting strong volume support in its current price range. He claimed that a push past the weak high could send Dogecoin into the $0.4 to $0.6 range with “serious momentum.”

Secondly, Masonius mentioned that multiple Break of Structure (BOS) signals are appearing, which indicates a trend shift. He remarked that the Dogecoin price is showing it’s able to move upward, and the setup looks promising. The analyst also mentioned that the Moving Average Convergence Divergence (MACD) is on the verge of a bullish crossover, which, if confirmed, would result in the DOGE surge the market has been anticipating. 

Lastly, the analyst mentioned that the Dogecoin price has been outpacing the Bitcoin price in recent gains, which shows that the meme coin is gathering strength and momentum. With this, Masonius is confident that the psychological $1 price goal is in sight for the Dogecoin price. He expects DOGE to start out having fun with more adoption, which is able to send it to this price goal. 

Featured image created with Dall.E, chart from Tradingview.com