Musk says he will return to 'meme plate': Dogecoin price prediction
Dogecoin jumped 30% in 24 hours after software entrepreneur Elon Musk tweeted that he would be "back on the meme plate soon."
Dogecoin DOGE is up 50% in a week and 57% in 30 days, showing that Musk may start to push DOGE.
Bitcoin ETF trading volume drives market buying, growing rapidly in a bull market environment.
Even though Dogecoin has ‘only’ gained 55% in the past year (mostly this week), the meme token still has room to rise.
The market has ignored and oversold Dogecoin for months, so today’s rise may have been long overdue.
The relative strength indicator RSI rose above 70 the previous day, indicating strong buying pressure.
Dogecoin’s 30-day average trading volume has climbed sharply, signaling a possible breakout for the meme currency.
The most exciting thing is that the coin’s 24-hour trading volume increased from $300 million a few days ago to $7.3 billion in the first few hours.
Other large coins have seen similar surges in trading volume, suggesting that the market may have entered a full-blown bull run.
Elon Musk, a longtime friend of Dogecoin, has hinted that he may be indirectly driving the joke coin’s price.
Realistically speaking, however, Elon Musk’s tweet does not mean that Dogecoin will become stronger or more useful.
The market seemed to take his tweet as a signal to buy Dogecoin again.
Recent transfer data shows that many large investors have taken advantage of this interpretation.
Dogecoin’s only assets are memes and hype, but its community hopes that one day X will bring payments in both cryptocurrency and Dogecoin.
In recent months, X has applied for a payment license, but this seems unlikely.
However, Dogecoin may rise to $0.2 in the coming months.
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