Key Takeaways
- For the first time since June 2024, Dogecoin jumped above $0.14.
- Elon Musk’s reference to D.O.G.E., which has nothing to do with the meme coin, was one of the catalysts.
- DOGE topped the Binance meme coin trade charts in the most recent day.
Over the past seven days, Dogecoin’s (DOGE) price has risen from $0.109099 to $0.145903.
On October 13, DOGE fell to its lowest point of the week at $0.109099, according to CoinGecko. After that, there was a continuous increase, and by October 16, the meme currency had reached $0.127656.
DOGE reached its greatest level this week on October 19, when it surged to $0.145903. This represented a significant increase from $0.121242 the day before.
The Price Stasis of DOGE in Recent Months
DOGE has been trading in a rather small range for the last three months. With very little variation, the meme coin stayed in the $0.1 range from August till the end of September.
Like the rest of the cryptocurrency market, DOGE experienced a steep decline on August 5, falling from $0.082231. It battled to rise higher until September 29, when it reached $0.130485, despite a temporary recovery to $0.1.
But DOGE then fell back below $0.1 once more.
Though unconnected to the meme currency, Elon Musk’s October 18 speech in favor of Trump included a reference to the “Department of Government Efficiency” (D.O.G.E.), which corresponded with the recent spike in DOGE’s price.
Will DOGE Keep Growing?
The abrupt increase in the DOGE has caught traders’ attention. DOGE is currently the most traded meme coin on the market, according to Binance, with a 24-hour trading volume of $2.12 billion. This is more than other well-known meme coins, such as Shiba Inu (SHIB) at $461.43 million and Pepe (PEPE) at $777.71 million.
The cryptocurrency community is currently discussing if DOGE will continue to rise and perhaps hit $0.2 once more, as it did in March 2024.
Although they caution that DOGE may undergo a pullback prior to another significant surge, other analysts maintain that the positive mentality is still robust. Some speculate that DOGE may quickly go below $0.04 before rising again.
There is another well-known coin that is causing a stir on X right now if meme coins are of interest to you.
A layer-2 token with lightning-fast transactions is Pepe Unchained. Along with lower gas costs, it promises to be 100 times faster than Ethereum. You can obtain intriguing cryptocurrency prospects by staking $PEPU, which had a very successful presale that raised about $11 million.
