đ Elon Musk's latest tweet has sent Dogecoin (DOGE) skyrocketing, once again demonstrating the power of his influence on the cryptocurrency market. đâđŠș
What Happened? đ€
According to Cointelegraph, Dogecoin (DOGE) surged by 16.25% following a tweet from Elon Musk, who hinted at the possibility of forming a new institution called DOGE, short for the Department of Government Efficiency. Since the tweet, DOGEâs price has climbed to $0.106, making it one of the best-performing cryptos in recent days, surpassing even Bitcoin (BTC) and Ether (ETH).
Market Reactions đč
In the futures market, Dogecoin saw a significant rise in both open interest (OI) and funding rates. Data from Coinglass reveals that DOGEâs OI increased from $442.37 million to $459.18 million in just a week, while its funding rates turned positive, further boosting bullish sentiment.
Whatâs Next for Dogecoin? đź
Technically, Dogecoin is attempting to break through the 50-day EMA, currently around $0.106. If DOGE can close above this resistance level, it could rise as high as $0.193 by year-end, depending on the strength of the current rally.
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