Tesla CEO Elon Musk recently interviewed Republican Presidential Contender Donald Trump on X, a move that could spell major gains for canine-themed meme coins such as Dogecoin and Shiba Inu.
Musk has previously expressed his support for the largest meme coin, DOGE. Moreover, Tesla accepts payments for select merchandise using the meme coin.
On the other hand, Trump, in his pursuit of securing crypto votes, has turned out to be pro-crypto. As ZyCrypto reported, at the Bitcoin 2024 conference, the former US President pledged to set friendly regulations for the industry if elected in November.
How High Can DOGE Rally?
In the last 24 hours, DOGE has dropped by 1.2% to trade at $0.106 at the time of writing. However, after recovering from the August 5 lows, DOGE has increased by 27% in the last seven days.
Analyst Kevin on X says that DOGE could form a golden cross in the coming weeks before the price explodes. However, the positive price action will largely depend upon Bitcoin’s performance.
“Dogecoin is still trading in this falling channel on the weekly, and we have a pending weekly golden cross coming within weeks. I think something big is coming soon. Just need BTC to cooperate,” the analyst said.
#Dogecoin is still trading in this falling channel on the weekly and we have a pending weekly golden cross coming within weeks. I think something big is coming soon. Just need #BTC to cooperate. #DOGE #Crypto pic.twitter.com/KZdn8tbFWP
— Kevin (@Kev_Capital_TA) August 12, 2024
Data from CoinMarketCap suggests that traders could be taking positions anticipating further tailwinds. Trading volumes have soared by 37%, hinting towards possible buying activity.
Futures trading activity also shows high investor interest in DOGE. Open Interest has increased by 3% to $480M at the time of writing per Coinglass. Funding rates have also flipped positive, pointing towards an increase in long positions as traders bet on the price increase.
Buying Activity Poised To Drive Further SHIB Gains
According to CoinMarketCap data, Shiba Inu is also recording an uptick in activity, with trading volumes jumping by around 33% in the last 24 hours.
The SHIB Relative Strength Index (RSI) has bounced from 42 to 52, showing buyers entering the market and rising momentum. The Moving Average Convergence Divergence (MACD) line has also shifted above the signal line, indicating a bullish trend.
According to trader 0xKrisfi on X, the SHIB price could soon see a massive upswing, soaring by over 150%.
