Over the past 24 hours, the Dogecoin price has seen somewhat of a cooldown following an explosive 10% surge yesterday, potentially driven by anticipation of a bigger Elon Musk endorsement in the months ahead.
Following a lackluster past few weeks, Dogecoin seems to be breathing new life, securing a 13.68% gain since last Thursday.
While other notable meme coins have ridden the bullish wave seen this month, Dogecoin has been lagging behind.
However, it seems that Dogecoin is now a hot topic, with trading volume surging over 44.42% to $2.19 billion over the past 24 hours.
Elon Musk’s ‘Department of Government Efficiency’ Gains Traction
Speculation is growing around the potential formation of Elon Musk’s proposed “Department of Government Efficiency,” abbreviated to “D.O.G.E,” as he aligns more closely with Republican candidate Donald Trump.
Over the past few months, Musk’s increasing donations and endorsements for Trump have fueled discussions about this new initiative.
Trump has said he would enlist Musk to run a “government efficiency commission” if he wins a second term as U.S. president, in a pledge to to make government spending more efficient.
This idea was met with optimism from Musk, who expressed his readiness to serve in an X post following Trump’s statements, saying, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
The expectation among traders is that a Trump victory could lead to more chatter about “DOGE,” fueling retail attention and interest in Dogecoin.
As Polymarket betters become more optimistic about a Trump presidency, with a 19.4% lead over opposing candidate Kamala Harris, D.O.G.E seems like a credible prospect.
“Elon Musk is simply going to meme the ‘Department of Government Efficiency’ into existence – with validation from Trump!,” influential trader Unipcs said in a October 16th X post.
Dogecoin Price Forcast: Can Doge Hit $1?
This further endorsement from Musk affirms the recent breakout of a bullish multi-month wedge flag pattern.
DOGE / USDT 1W price chart, multi-month wedge flag pattern breakout. Source: Binance.
This breakout represents an escape from the downtrend Dogecoin has suffered under since late March, setting the stage for a substantial upside.
A prospect that seems more credible a the MACD line affirms a crossover above the signal line this week.
Something influential trader MilkyBullCrypto cited as a precursor to a potential “god candle,” similar to a previous crossover in February.
Dogecoin has established stronger footing by flipping the 200EMA to support and holding above the $0.1030 support level.
However, the approaching retest of the 200SMA is the next key target to establish a more sustained uptrend.
Following an unsuccessful retake immediately after the breakout, the next two weeks will be pivotal for the validity of the breakout.
If the pattern holds, the breakout sets the stage for a 110% rally in the coming months, potentially reclaiming the past high of $0.22.
With fundamental catalysts stacking up in favor of an alt-season, the Dogecoin price could go even further, targeting $1 onwards into 2025.
This Early Opportunity Has Higher Gains Potential
While a 2x is certainly an appealing prospect for Dogecoin holders, emerging opportunities hold the potential for truly substantial gains.
As “meme coin supercycle” sentiment takes hold and coins like $GOAT, $MOODENG, and $SPX experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
One such coin is Flockerz ($FLOCK), the vote-to-earn meme joining the push toward decentralized governance, addressing the common criticism of meme coins being overly centralized.
Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get sidelined in decision-making?
Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising over $750,000 in its presale!
With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.
Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.
But the rewards don’t stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting a lucrative 2290% APY. While the market wanes amidst recent volatility, The Flock continues to rake in consistent gains!
Join The Flock on X and Telegram to stay up to date on the latest announcements.
The post Dogecoin Price Forecast: DOGE Surges as Elon Musk-Led ‘D.O.G.E’ Initiative Gains Traction: Can Doge Hit $1? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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