Dogecoin Leads the Meme Coin Race Again with a Double-Digit Price Rally!
Dogecoin, the reigning meme coin king, is back in the spotlight with impressive gains, surpassing its meme coin competitors. As per CoinMarketCap, Dogecoin has outperformed other meme coins in both 24-hour and 7-day price changes, showing remarkable strength. Not only that, but DOGE has outshined the top-20 cryptocurrencies by market cap.
What's Behind Dogecoin's Double-Digit Price Rally?
Dogecoin has surged by double digits across all major timeframes, skyrocketing by 30% in the last week alone. The crypto market has been bullish, led by Bitcoin, which recently crossed $68,000 for the first time since June. However, Dogecoin has now decoupled from Bitcoin, outperforming it with a 10% jump in just 24 hours, while Bitcoin saw a modest 0.52% increase.
On Tuesday, October 15, the rally for Dogecoin began, with the surge gaining pace on Thursday, October 17. Tesla's transfer of nearly $750 million in Bitcoin to new wallets added fuel to the speculation fire, with many traders guessing Tesla might be shifting towards Dogecoin. Though the transaction wasn't directly linked to DOGE, the rumors sparked excitement in the community.
Adding to the buzz, Elon Musk made a brief mention of Dogecoin during a town hall meeting in Folsom, Pennsylvania, where he humorously responded with "Yeah, Doge" when asked about a potential new government department inspired by his X posts. This subtle nod from Musk ignited a wave of enthusiasm among DOGE fans, driving more investments.
What's Next for Dogecoin?
Dogecoin is currently trading at $0.145, its highest since mid-June, and has broken past key resistance at $0.14. If this bullish momentum continues and investor FOMO persists, DOGE could be on track to reach $0.20 by the end of October!
