Here’s Why The Dogecoin Price Is Rising Despite The Bitcoin Crash

The Dogecoin price is once more standing out from other cryptocurrencies with a powerful, independent surge. Its latest rally reflects a trend of detachment from Bitcoin’s price, which usually sets the pace for many other digital assets. Despite Bitcoin’s influence over the broader crypto market, Dogecoin’s recent moves show a departure from this norm, with its price rising at the same time as Bitcoin saw a slight decline. 

The Dogecoin price performance may be attributed to a recent uptick in social sentiment amongst traders, sparked largely by a latest mention from Elon Musk.

Dogecoin Price Is Rising Despite Bitcoin Crash

In line with data from CoinMarketCap, the Dogecoin price has gained 11.44% previously 24 hours, contrasting sharply with Bitcoin’s 1% drop in the course of the same period. 

During a recent podcast appearance with Joe Rogan, Musk referenced “DOGE” as an acronym for a hypothetical Department of Government Efficiency. While the comment may not have been directly related to Dogecoin, it resonated with the Dogecoin community, fueling excitement and contributing to the asset’s current rally.

Trading volume for the meme coin leader jumped massively on Monday as investors capitalized on the hype. The Dogecoin trading volume currently stands at $3.17 billion, a 55.5% increase previously 24 hours. Interestingly, this uptick has seen the Dogecoin price reversing a former decline and has also crossed into positive price performance in a seven-day timeframe.

Elon Musk has been one of the largest voices in support of Dogecoin over the past three years. Nonetheless, it is vital to notice that Elon Musk’s Department Of Government Efficiency (DOGE) has nothing to do with the favored meme coin. Within the Joe Rogan interview, Musk explained the explanation behind the department was to cut back the complexities of federal bureaucratic processes and regulations that don’t make sense.

What’s Next For DOGE?

The recent uptick in trading volume and activity reiterates the unique role that social aspects play in driving the Dogecoin price movements. This trend could well proceed in the approaching months, especially if the proposed Department of Government Efficiency ever takes shape. For now, though, this department stays an idea recommend by Elon Musk as a part of the presidential campaign for Republican candidate Donald Trump, and its creation is contingent on his success within the U.S. presidential election.

Whatever the election’s consequence, the broader crypto industry is predicted to take care of a bullish outlook, which is more likely to be spearheaded by Bitcoin and never by Dogecoin. Even so, Dogecoin is positioned to learn from this anticipated bullish environment and might even see additional gains through the rest of the month.

On the time of writing, the Dogecoin price is trading at $0.168. The subsequent goal is breaking above $0.17 and making a price floor at this level.

DOGE price above $0.16 | Source: DOGEUSDT on Tradingview.com

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

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