The reigning champion of meme coins, is back in the spotlight as it takes the lead once again.
Dogecoin isn’t only outperforming its fellow meme coins but is also ahead of every other major cryptocurrency in the top 20 by market cap. Woof!
What’s driving the DOGE price rally? There is something what we should know?
Dogecoin is enjoying double-digit gains across all major timeframes, boasting a nice 30% increase over the past week.
But wait, this price jump isn’t just a solo act, as many other cryptocurrencies are also benefiting from the excitement, thanks to Bitcoin’s recent surge past $68,000 for the first time since June.
What’s interesting is that while Dogecoin mostly followed Bitcoin’s lead this year, it has now broken free and is outperforming Bitcoin itself.
To put it simply, Dogecoin jumped nearly 10% in the last 24 hours, while Bitcoin only managed a modest 0.52% gain during the same time.
It’s Elon Musk, again
The rally for Dogecoin kicked off on October 15 but really hit its stride on October 17.
This was sparked by an unexpected move from Elon Musk’s Tesla, which transferred over $750 million worth of Bitcoin into new, undisclosed wallets.
Even though this transaction wasn’t directly linked to Dogecoin, it got investors buzzing with rumors and speculation that Tesla might be shifting its assets into the memecoin. Suddenly, demand for DOGE skyrocketed.
To add fuel to the fire, Musk casually mentioned Dogecoin during a town hall meeting in Folsom, Pennsylvania.
When asked about leading a new “Department of Government Efficiency,” he simply smiled and said, “Yeah, Doge.”
For Dogecoin fans, this was like music to their ears, prompting many to rush back into the memecoin.
What’s next?
As of now, Dogecoin is trading at $0.145, on its highest point since June 13. The memecoin successfully broken through resistance at $0.14 and seems poised for more gains.
If this rally continues and FOMO keeps building, we could see Dogecoin inch closer to the $0.2 mark as Uptober rolls on.
But let’s not get too ahead of ourselves, because there’s still a chance that DOGE might pull back to retest that $0.14 resistance before making another push upward.
