Tesla CEO and billionaire Elon Musk once again “called out” Dogecoin (DOGE) during a speech in Pennsylvania on Thursday to promote Donald Trump’s presidential campaign, causing its price to rise 15% in 24 hours. During the event at Ridley High School, an attendee asked Musk if he would be willing to lead a new “Department of Government Efficiency.” Musk replied with a relaxed smile, “Yes, Dogecoin (DOGE)”, drawing cheers and applause from the crowd.
Dogecoin’s value has climbed to $0.14, up more than 15% in the past 24 hours, and its market capitalization is approaching $20 billion, according to CoinGecko.
Musk’s joking reference to Dogecoin wasn’t entirely unexpected — it comes just weeks after Trump proposed a new initiative to cut what he and Musk see as government waste. In September, Trump proposed the creation of an efficiency commission, to be led by Musk, tasked with conducting a comprehensive financial and performance audit of the entire federal government.
Musk's influence remains strong
Meanwhile, it’s impossible not to mention Elon Musk when discussing Dogecoin. The billionaire publicly supported Dogecoin earlier this year, calling it “the people’s cryptocurrency,” which caused its price to rise significantly.
It can be observed that on several occasions, whenever Musk publicly expressed his support for the cryptocurrency, the price of Dogecoin surged by more than 50% within a short period of time. Therefore, it is clear how much power he has in influencing the price of the coin.
Dogecoin's large user base, coupled with Musk's support, allows the coin to regularly compete with significant altcoins. This puts Dogecoin in a compelling position, somewhere between a meme and a solid cryptocurrency with lasting prospects.
The billionaire's involvement in Trump's campaign goes beyond public support. Through the American Political Action Committee, a super PAC that supports Trump and other Republican candidates, Musk has pledged more than $70 million to prepare for the 2024 election.
Dogecoin’s rebound demonstrates the memecoin’s continued sensitivity to Musk’s public statements, with Musk tweeting earlier this week that “Dogecoin will fix it” in response to California’s decision to block a SpaceX launch.
While the tweet appeared to reference the much-touted “Department of Government Efficiency,” the market saw it as yet another deliberate connection between Musk’s humor and DOGE.
Dogecoin was created in 2013 as a parody of Bitcoin, but has since grown into one of the top ten cryptocurrencies by market cap and spawned many iconic memes in the cryptocurrency community.
While the meme coin is still down more than 80% from its 2021 high, Musk’s support has given it staying power, with the meme coin frequently surging following his tweets and public comments.
Technical indicators:
MACD: Increasing trend momentum has resulted in a positive crossover of the MACD signal line, accompanied by a positive histogram surge.
EMA: The increasing bullish influence has caused the 50-day EMA to rise. This increases the possibility of a golden cross.
Therefore, the technical indicators support the possibility of a bullish trend in the Dogecoin (DOGE) price.
Dogecoin Social Events
Doge is making a splash on all major social media platforms. And as the bull run gradually gains momentum, the largest meme coin DOGE is back in action. With a market cap of nearly $20 billion, DOGE has gained over 9% in the past 24 hours, and is currently trading at $0.145.
At the same time, social activity across major platforms has seen significant breakthroughs, with DOGE coin’s social activity surging to its highest level in the past 12 months and the price approaching a 3-month high. Social dominance increased by 1.55%, with the number of creators surging by 2.59 million in the past 24 hours. However, market sentiment for Dogecoin has dropped by 10% and currently stands at 84%, which is very bullish.
How high can Dogecoin go?
According to the Fibonacci levels, the uptrend has surpassed the 23.60% and 38.20% Fibonacci levels. However, the meme coin faced resistance near $0.14, resulting in a long intraday candlestick pattern.
This calls into question the possibility of bullish dominance above the 38.20% Fibonacci level. However, the uptrend predicts the next target to be at the 50% level, which is $0.14404.
If the uptrend continues as the broader market recovers, the price of Dogecoin (DOGE) could break above the 50% level and reach 67.80% or 78.60%, which would be $0.1591 or $0.1835. Conversely, key supports are located at $0.1151 and the psychological level of $0.10.
