Meme coins Dogecoin and Shiba Inu are on double-digit gains in the last 24 hours, leading many holders to overnight profits. Dogecoin, often known as the king of meme cryptocurrencies, has led this rally with a 16% increase in 24 hours, quickly breaking the important resistance levels of $0.15 and $0.16.
The rally is not limited to DOGE only. Another popular meme coin, Shiba Inu has also benefited from the positive sentiment in the market, registering nearly 10% gains within the same time frame.
This surge in the prices of Dogecoin and Shiba Inu can be attributed to the recent dynamics in the US election scenario, which has fueled widespread interest in the cryptocurrency market. The interesting thing is that this interest Bitcoin also promoted Now trading at a six-month high above $71,000.
Dogecoin and Shiba Inu Pump After Trump Rally
Speaking at the Trump rally held at New York’s Madison Square Garden on Sunday, Musk gave a brief speech referred to something He called the Government Efficiency Department. This term, which appears random at first, has attracted considerable attention among meme coin fans, especially Dogecoin enthusiasts.
When abbreviated, ‘Department of Government Efficiency’ stands for DOGE, which aligns perfectly with Dogecoin’s ticker symbol. This connection has taken hold in the meme coin community since Musk first coined the term in early October with many of them there is enough hope rally if donald trump wins Upcoming elections.
The excitement grew shortly after Musk’s appearance at the rally, when he posted a meme on social media platform X later that day showing himself with the iconic DOGE avatar.
pic.twitter.com/y0UCd5NvMj
– Elon Musk (@elonmusk) 28 October 2024
This playful nod to the Dogecoin avatar, which currently has over 56.4 million views on the platform, sent social media into a frenzy, with many meme coin supporters banking on the post as new support for DOGE. The ripple effects were immediate, as Dogecoin experienced a rally that quickly spread to other meme assets including Shiba Inu, Pepe, and Dogecoin.
DOGE will make new high in 2024
According to the latest data, Dogecoin is trading at $0.1649, having reached an intraday high of $0.1683 in the last 24 hours. Interestingly, DOGE is now up nearly 16% in this time frame, arguably one of its best performances since April.
Dogecoin bulls are attacking the $0.17 price level aiming for a significant break on the upside. Technical analysis indicates that DOGE’s latest rally has formed a breakout from the bull flag pattern on the 4-hour chart, a bullish signal indicating continued gains. crypto analyst ali martinez Noted a price target Of $0.175.
As it stands, Dogecoin’s price activity is attracting attention due to its association with Elon Musk and indirectly with the US presidential race. If Dogecoin traders were to maintain the momentum, it could be seen Bulls attack 2024 high at $0.22 Before the year ends.
Featured image created with Dall.E, chart from tradingview.com
