Meme coins Dogecoin and Shiba Inu are on double-digit gains previously 24 hours, leaving many holders in gains overnight. Dogecoin, often hailed because the king of meme cryptocurrencies, has led this rally with a 16% increase in 24 hours, quickly breaking through significant resistance levels at $0.15 and $0.16.
The rally isn’t limited to DOGE alone. Shiba Inu, one other popular meme coin, has also benefited from the positive sentiment available in the market, recording an approximate 10% gain inside the same timeframe.
This surge in the costs of Dogecoin and Shiba Inu may be attributed to recent dynamics within the US election landscape, which have spurred broader interest within the cryptocurrency market. Interestingly, this interest has also pushed Bitcoin to now trading at a six-month high above $71,000.
Dogecoin And Shiba Inu Pump After Trump Rally
While speaking at a Trump rally held on Sunday in Latest York’s Madison Square Garden, Musk made a transient speech during which he made a reference to something he called the Department of Government Efficiency. The term, seemingly random at first, has sparked considerable attention amongst meme coin fans, particularly Dogecoin enthusiasts.
When abbreviated, ‘Department of Government Efficiency’ spells out DOGE, aligning perfectly with Dogecoin’s ticker symbol. This connection has taken hold within the meme coin community since Musk first coined the term in early October, with a lot of them expecting a considerable rally if Donald Trump were to win the upcoming election.
The joy was amplified shortly after Musk’s appearance on the rally, when he posted a meme on social media platform X later that day featuring himself alongside the long-lasting DOGE avatar.
— Elon Musk (@elonmusk) October 28, 2024
This playful nod to the Dogecoin avatar, which current has over 56.4 million views on the platform, sent social media right into a frenzy, with many meme coin supporters banking on the post as renewed support for DOGE. The ripple effects were immediate, as Dogecoin experienced a rally that quickly spread to other meme assets, including Shiba Inu, Pepe, and Dogwifhat.
DOGE To Make Latest 2024 High
As of the newest data, Dogecoin is trading at $0.1649, having reached an intraday high of $0.1683 previously 24 hours. Interestingly, DOGE is now up by about 16% on this timeframe, which is arguably one in every of its best performances since April.
Dogecoin bulls are attacking the $0.17 price level with the aim of a major break to the upside. Technical evaluation indicates that DOGE’s latest rally has formed a breakout from a bull flag pattern on the 4-hour chart, a bullish signal suggesting continued gains. Crypto analyst Ali Martinez noted a price goal of $0.175.
Because it stands, Dogecoin’s price activity is attracting attention resulting from its association with Elon Musk and, not directly, with the U.S. presidential race. If Dogecoin traders were to maintain up the momentum, this might see the bulls attacking its 2024 high of $0.22 before the tip of the yr.
Featured image created with Dall.E, chart from Tradingview.com