Dogecoin Soars 6.5% Following Elon Musk’s Post, Is A Breakout Imminent?
August 20 2024 - 10:00PM
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Dogecoin (DOGE), the largest memecoin by market capitalization,
recently received acknowledgment from Tesla’s CEO on X. Elon Musk’s
post sparked a frenzy among crypto investors and the DOGE
community, reflecting on the token’s price. Following the recent
surge, some analysts believe it’s only a matter of time before a
major breakout. Related Reading: Solana (SOL) Continues Sideways
Move As Outflows Record $39 Million Elon Musk Excites The Dogecoin
Community In a recent X post, Elon Musk acknowledged the leading
memecoin by market cap on his response to Donald Trump’s political
proposition. The former US president revealed that he was open to
naming Musk for an advisory role or cabinet job if he won the
election. Talking to Reuters, the presidential candidate for the
Republican party called X’s owner a “brilliant guy.” He also
suggested that he would offer Musk a position if he were open to
it. “He’s a very smart guy. I certainly would, if he would do it, I
certainly would,” Trump said. Tesla’s CEO took X to respond to the
proposition, stating, “I’m willing to serve,” and sharing an
AI-generated image. The image set Musk in front of a podium with
the words “Department Of Government Efficiency” and the
abbreviation “D.O.G.E” on top. The crypto investors quickly saw the
reference and shared their excitement about the acknowledgment.
Many community members took Musk’s post as a bullish sign and
suggested that the memecoin is going “to the moon” again. Others
brought back old X posts where Musk, referred to as the
“Dogefather,” shared his support for Dogecoin against the global
financial system. The apparent endorsement comes after Musk
clarified the crypto stance. As reported by NewsBTC, the CEO made a
virtual guest appearance at The X Takeover event at the end of
July. During his intervention, Musk explained that he would not
promote crypto but might address digital assets jokingly.
Additionally, he added that he has a soft spot for Dogecoin due to
his liking of dogs and memes. DOGE’s Price Surges 6% The memecoin
had experienced a 9.3% recovery from the August 5 crash, when it
lost its support above the $0.1 level and dropped to the $0.08
range. Following Musk’s post, Dogecoin’s price climbed to the
$0.1056 mark, a 6.5% surge in the last 24 hours. The memecoin’s
market activity also increased nearly 50% from one day ago,
reaching a daily trading volume of $699.5 million. DOGE’s recent
performance has made some market watchers consider that a bullish
move for the token could be coming and that “all eyes are awaiting
a breakout.” Crypto trader Galaxy Trading considers that the
memecoin will likely “lead the charge in the very near future”
given the current performance. According to the trader, DOGE often
serves as a “key signal for the entire crypto space.” He suggested
that investors keep an eye on it as it potentially will trigger a
wider market uptrend. Some analysts concur that DOGE’s breakout
won’t happen until the whole market gains momentum again in Q4.
Crypto analyst Kaleo believes that not much has changed for
Dogecoin since the market recovery. However, he noted that the
token has established a “potential upper bounds of ~$0.111 for the
new range.” Related Reading: Bitcoin Price Could Surge 200% To
Cross $100,000 If This Happens According to the analyst, DOGE’s
price will hover between the $0.085 and $0.11 range in the coming
months “with declining volatility until the market heats up again.”
As a result, he suggested that investors “stack and hold.”
Similarly, renowned analyst Altcoin Sherpa considers memecoin’s
chart “still looks fine.” Sherpa also believes DOGE is a good
choice for investors who want to “hold a meme and be fairly safe
with it.” Featured Image from Unsplash.com, Chart from
TradingView.com
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