Dogecoin price rose more than 14% on Elon Musk's support and Tesla's payment acceptance. 🚀 Crypto analysts and enthusiasts are optimistic about the future, predicting significant rallies for DOGE and other meme coins. 💹

Elon Musk said Tesla may accept DOGE payments "at some point" and called it "the people's cryptocurrency." This may have contributed to DOGE's recent rise.

Some popular analysts believe that it will be the beginning of a major bull run for the token. Rekt Capital suggested that DOGE “successfully retested the macro downtrend as new support” and expects further gains if it breaks through the “red psychological resistance” level of $0.20.

Crypto enthusiast Ansem asked whether there is a chance of DOGE reaching a new all-time high of $1 and WIF reaching $100. Many users who commented stated that such a rally was possible and that the Solana-based meme coin could also rise. WIF rose 80% in one week to a new ATH of over $3.30.

Meme coins have been trending the past few weeks, with Shiba Inu (SHIB), Pepe Coin (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI) and many more coins experiencing triple-digit price increases.