Dogecoin Approaches $20b Market Cap On Elon Musk’s Influence: What’s Next For DOGE Price?
The original meme crypto Dogecoin (DOGE) dominates crypto trends as the sector anticipates massive rallies to all-time highs.
The altcoin jumped over 10% within the past day, extending last week’s over 25% increase.
Dogecoin’s impressive performance over the past few sessions has sent its market capitalization towards the $20 billion mark, currently at $19,769,737,088.
(Click on image to enlarge)
Source: Coinmarketcap
Elon Musk propels DOGE higher
Meanwhile, the lucrative outlook seems tied to optimism surrounding Elon Musk’s X post.
The Tesla CEO reacted to an article about California’s restricting his SpaceX firm with “D.O.G.E will fix it” on 15 October.
While Elon Musk referred to the planned Department of Government Efficiency – proposed to streamline bureaucracy upon Donald Trump’s election win – the Dogecoin community reacted with significant optimism.
Thank’s elon !!!
Elon Musk added to the speculations during the town hall event on Thursday, 17 October, where he supported Trump and highlighted a memecoin-inspired government agency.
An attendee asked whether the SpaceX billionaire would lead the Department of Government Efficiency.
Musk responded, “Yeah, DOGE,” catalyzing applause and cheers from the gathering.
The crowds’ response to Musk’s D.O.G.E mention and meme token recognition if Trump wins contribute to DOGE’s prevailing bullish state.
The meme token echoed the developments with a sudden uptick from $0.1213 to $0.13 – a 7% surge.
Meanwhile, Dogecoin has seen massive success despite joining the financial space as an internet meme in 2013.
DOGE co-founder Billy Markus expressed disbelief about the altcoin’s transformation into a billion-dollar project.
it’s still wild to me that the joke thing i made in a few hours is worth 19 billion dollars
While building a multi-million project demands strategic decision-making and careful planning, Markus mentioned that it only took a few hours.
Meme assets have gained popularity in the digital assets sector due to high profitability, often outshining established cryptocurrencies.
The asset class has outperformed during bull runs in the cryptocurrency industry, and the same will likely happen in the much-awaited market rally before year-end.
Dogecoin price outlook
DOGE exhibits robust bullishness after solid rallies. It gained over 10% within the past day to change hands at $0.1352, and the current momentum indicates more upsides.
(Click on image to enlarge)
Source: Coinmarketcap
Technical analysis shows Dogecoin breached a declining wedge setup, comprising descending and converging trendlines, after yesterday’s upswing.
The move opened doors for a possible 40% price upsurge, taking the alt to $0.18928.
The prevailing broad market sentiments support the upward trajectory. Cryptocurrency enthusiasts remain optimistic about the ‘delayed’ Uptober rally.
Moreover, the heated United States election scene, with Trump leading, according to Polymarket, positions the crypto market for robust surges from next month and beyond.
Elon Musk gained massive prominence in the crypto world after propelling Dogecoin to record highs with a series of X posts in 2021.
Such actions during the current election period could push DOGE higher to the $1 mark before 2024-end.
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Disclaimer: This blog contains opinions and observations. It is not professional advice in any way, shape or form and should not be construed that way. In other words, buyer beware.
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