Dogecoin is one best performing crypto now potentially fueled by Elon Musk’s public statements. Could it help DOGE to hit $1 in coming days?
Elon Musk’s playful mention of “D.O.G.E” as a possible acronym for a “Department of Government Efficiency” has reignited interest in Dogecoin.
His comment came in response to a Los Angeles Times article discussing Donald Trump’s idea for a government efficiency commission, which Musk has shown interest in leading if Trump wins re-election.
While the comment was about the proposed department, many investors and social media users saw it as a nod to Dogecoin, given Musk’s history of promoting the coin. The rise in Dogecoin-related discussions online shows the growing excitement and speculation around the cryptocurrency.
Traders hope Musk’s political involvement and the D.O.G.E. idea could drive retail interest and boost the coin’s price. Some even believe that if Trump wins, it could bring “DOGE” into government discussions, possibly affecting its adoption and value.
As the crypto market changes, time will tell if Musk’s support and the D.O.G.E. hype will lead to lasting gains for Dogecoin.
Elon Musk’s “D.O.G.E” statement fuels 9% Dogecoin rally
Dogecoin experienced a 9% surge, reaching $0.144 after Elon Musk’s recent Town Hall in Pennsylvania, sparking renewed interest in the cryptocurrency.
During the meeting, Musk unveiled his plans for a “Department of Government Efficiency” and made a clever reference to Dogecoin by saying “D.O.G.E.” when asked about the concept. This witty remark drew cheers and sent Dogecoin’s price soaring on social media.
The meme coin, which now has a market cap of $20 billion, has a history of reacting to Musk’s comments and promotions. Musk has been a vocal supporter of Dogecoin, often causing its price to spike with his public endorsements.
His influence on the token’s market performance has led to both praise and controversy, including a class action lawsuit accusing him of a pump-and-dump scheme, which was dismissed in August.
Dogecoin previously reached an all-time high of $88 billion in May 2021, largely due to Musk’s promotions, such as his appearance on “Saturday Night Live” where he dubbed himself the “dogefather.”
Recent news highlights several developments in the cryptocurrency world, including Dogecoin. Mark Cuban dismissed concerns from Dogecoin’s founder, while Kamala Harris was noted for having a better understanding of crypto compared to Biden and Trump.
In addition, there are speculations around XRP dodging a potential death cross and while Bitcoin nears the $70,000 mark, up nearly 9% for the day, marking a 30-day high, although challenges remain.
Dogecoin price prediction
Currently, technical indicators for Dogecoin are looking bullish, with oscillators, moving averages, and overall summary all showing strong buy signals. The crypto market, particularly meme coins, is seeing a surge as Bitcoin and Ethereum rise.
Dogecoin, currently trending at number fifteen, is up 30% for the week and 7% on the day with a $20 billion market cap, just a $10 million difference from Shiba Inu. Around 80% of meme coins are in the green, with Dogecoin leading the pack.
As Bitcoin continues to rise, driven by market dynamics like the upcoming U.S. elections, Dogecoin may push closer to the $1 mark, a feat it almost reached during the Saturday Night Live hype. Currently, Dogecoin sits just under $0.50.
Additionally, Dogecoin’s ecosystem has faced challenges such as an Instagram hack affecting its mascot platform, highlighting risks like crypto scams and rug pulls. Over the past 2 days, Dogecoin’s price increased by 10% to $0.14, while trading volume increased by 33.14% to $2.02 billion.
Despite some volatility, bullish sentiment prevails, with 82% of over 16,000 voters remaining optimistic about Dogecoin’s future.
Pepe Unchained: Could it be the next big meme coin?
In a market always looking for the next big thing, Pepe Unchained (PEPU) is standing out. With $21.3 million already raised in its ICO, the project continues to draw attention from both investors and analysts. The development team’s ambitious plans make it clear why many are eager to join.
Investors can buy $PEPU tokens at $0.0115 each during the presale. To participate, visit the project’s official website, connect your wallet, and use ETH, USDT, BNB, or even a credit card to get your $PEPU. Pepe Unchained also offers something unique with its “double staking” protocol, currently providing APYs of 105%.
The team behind Pepe Unchained aims to build a whole ecosystem on a new Layer-2 Ethereum blockchain called “Pepe Chain.” Unlike Ethereum, which often faces congestion and high fees, Pepe Chain promises faster transactions at lower costs.
It’s said to be 100x quicker than Ethereum, with minimal fees. Pepe Chain will also feature an Ethereum bridge, block explorer, decentralized exchange, and staking—all accessible through a single dashboard.
Once submitted, you'll receive an email confirmation that we've received your submission.
The Pepe Unchained Council will then review all of the submissions, on an ongoing basis, and contact successful applicants to receive their grants and start building!
— Pepe Unchained (@pepe_unchained) October 16, 2024
What’s attracting even more interest in the presale is the announcement of Pepe Chain’s upcoming Layer 2 network. Pepe Unchained recently added a section on its website for developers to apply for grants, encouraging innovative projects to build on Pepe Chain.
Applicants fill out a short form, receive a confirmation email, and have their submissions reviewed by the Pepe Council. Selected projects will receive grants.
With Pepe Unchained being one of the most successful presales this year, the token could see a big price surge when it hits exchanges, offering strong returns for early investors.
To participate in the $PEPU token presale, go to pepeunchained.com.