Dogecoin Leads Meme Coin Race Again This Double-Digit Price Rally—Why?
Dogecoin, the meme coin king, is reclaiming its limelight. Coinmarketcap shows Dogecoin surpassing other meme currencies in 24-hour and 7-day increases.
Even better, Dogecoin outperforms its meme coin rivals. It also outperforms the top-20 cryptocurrencies by market capitalization.
The DOGE Double-Digit Price Rally: Why?
Dogecoin is up double-digits across all key periods, including a 30% spike in the previous week. A peek at the cryptocurrency world shows that Dogecoin isn't alone in its price increase. Many other digital assets are also rising due to Bitcoin's ascent and break over $68,000 for the first time since June.
After following Bitcoin's advances since the start of the year, Dogecoin has decoupled and is outperforming Bitcoin. In comparison, Bitcoin has gained 0.52% in the previous 24 hours, while Dogecoin has gained roughly 10%.
Tuesday, October 15, Dogecoin and other cryptocurrencies began their climb. The Dogecoin rally accelerated on Thursday, October 17. Tesla's sudden transfer of approximately $750 million in Bitcoin into new wallets caused this.
The transaction wasn't tied to Dogecoin, but speculators speculated that Tesla was transferring its assets into the meme currency, driving DOGE demand.
Musk briefly referenced Dogecoin in a Folsom, Pennsylvania, town hall meeting the same day, adding to the buzz. When asked whether he would run a new “Department of Government Efficiency” based on his X postings, Musk laughed and said, “Yeah, Doge.”
Many Dogecoin devotees rushed into the meme currency again after this much-awaited signal. This mix of speculations has caused a torrent of new Dogecoin investments, causing FOMO among investors.
The Dogecoin Price: What Next?
Dogecoin is at $0.145, its highest level since June 13. Meme coin has broken over resistance at $0.14 and is gaining momentum. If the rise continues and FOMO persists, Dogecoin will hit $0.2 during October.
