After high-tech entrepreneur Elon Musk tweeted that he would soon return to creating memes, the price of DOGECOIN soared 30% in the last 24 hours.
Taking this as a potential sign that Mr. Musk will be pumping #DOGE again, DOGE has risen in price by 50% in a week and 57% in the last 30 days.
The rise came amid a growing bull market, with trading volume in #bitcoin ETFs spurring buying across the market.
Considering that DOGE has only risen 55% over the past year (mostly due to this week), #meme tokens have a lot of room for further gains.
#Dogecoin price prediction after #Elon Musk said he would return to the "meme grind" - can meme coins grow 100x?
Today's surge is likely long overdue for Dogecoin, which the market has ignored and oversold in previous months.
Its RSI crossed the 70 mark in the last day, indicating that buying pressure is rapidly building.
Dogecoin price chart.
The same is happening with Dogecoin's 30-day average (yellow), indicating a strong breakout for this meme coin.
Most optimistically, the trading volume of this coin has gone from $300 million in 24 hours just a few days ago to $7.3 billion in the last few hours.
Other major tokens have seen similar volume spikes, suggesting that the market has likely entered a full-blown bull market.
However, DOGE has also gotten some help from its old friend Elon Musk, who has hinted that he may start something (albeit indirectly) to support the price of meme coins.
Simply put, just because Elon Musk published a meme on Twitter doesn't mean that DOGE will immediately become a more powerful and useful token.
Nevertheless, the market seems to have taken his tweet as a sign that now is a good time to re-invest in DOGE.
It seems that not a few whales have capitalized on this interpretation, at least judging by recent remittance data.
X has applied for a payments license in recent months, but it's probably still a long way off.
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