In a remarkable turn of events, the popular meme coins Dogecoin and Shiba Inu have seen substantial double-digit gains within the last 24 hours, much to the delight of their holders. Dogecoin, often regarded as the leader of meme cryptocurrencies, spearheaded this rally with an impressive 16% surge, shattering key resistance levels at $0.15 and $0.16.
Not to be outdone, Shiba Inu has also capitalized on the positive market sentiment, achieving an approximate 10% increase in the same period. The recent uptick in the value of these meme coins can be traced back to shifts in the US election landscape, which have sparked renewed interest in the broader cryptocurrency market. This heightened interest has notably lifted Bitcoin, now trading at a staggering six-month high of over $71,000.
Dogecoin and Shiba Inu Pump After Trump Rally
The recent rally can be partially attributed to events at a Trump rally held at Madison Square Garden in New York. During the event, Elon Musk delivered a brief speech, referencing the “Department of Government Efficiency.” This phrase, seemingly innocuous at first, quickly captured the imagination of meme coin enthusiasts, especially those devoted to Dogecoin.
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When abbreviated, “Department of Government Efficiency” spells out DOGE, directly aligning with Dogecoin’s ticker symbol. This clever connection has resonated within the meme coin community since Musk’s initial mention of the term in early October. Many enthusiasts speculated that a significant rally could ensue if Donald Trump were to win the upcoming election.
The fervor surrounding this connection intensified following Musk’s appearance at the rally. Later that day, he shared a meme on platform X, featuring himself alongside the iconic DOGE avatar. This playful gesture, which has garnered over 56.4 million views, sent social media into a frenzy. Meme coin supporters interpreted it as a renewed endorsement of DOGE, triggering a wave of buying activity that extended to other meme assets, including Shiba Inu, Pepe, and Dogwifhat.
DOGE To Make New 2024 High
As of the latest data, Dogecoin is trading at $0.1649, having peaked at an intraday high of $0.1683 in the past 24 hours. This represents a remarkable 16% increase, marking one of Dogecoin’s best performances since April.
Dogecoin bulls are setting their sights on the $0.17 price level, aiming for a decisive breakout. Technical analysis indicates that DOGE’s current rally has formed a breakout from a bull flag pattern on the 4-hour chart, a bullish indicator suggesting further upward momentum. Crypto analyst Ali Martinez has identified a price target of $0.175.
Dogecoin’s price action is attracting significant attention due to its association with Elon Musk and, by extension, the U.S. presidential race. Should the momentum persist, Dogecoin traders could see the bulls challenging its 2024 high of $0.22 before year’s end.
