Dogecoin (DOGE), the market’s primary meme cryptocurrency, has unleashed a bullish rally within the final week and the catalyst has been billionaire Elon Musk.
The connection between the entrepreneur and the crypto asset continues to be a phenomenon that defies any monetary logic, demonstrating that, when Musk speaks, dogecoin responds.
Within the final seven days, dogecoin has seen a 30% improvegoing from $0.11 to $0.14, consolidating itself because the eighth largest cryptocurrency by market capitalization, as seen within the TradingView chart.
This improve remains to be removed from the explosive increase of three years in the past, when the crypto asset reached its all-time excessive near $0.70.
Nevertheless, this current rise doesn’t appear to be a coincidence, however was triggered after a peculiar remark by Musk throughout a political occasion.
On October 17, at a Donald Trump presidential marketing campaign rally in Pennsylvania, an attendee requested Musk if he would lead the hypothetical “Division of Authorities Effectivity” (DOGE), an concept that appeared like a joke attributable to its acronyms, which coincide. with the identify of the cryptocurrency meme.
With out hesitation, the founding father of Tesla additionally responded with a convincing “Sure, Doge”, producing a constructive impact on the value of the cryptocurrency.
The businessman turned an ally of Trump
Final September, Republican candidate Trump talked about that Musk would lead a workforce tasked with conducting a full audit of the federal government federal authorities and suggest reforms, which solely additional fueled the furor.
Some web customers took the suggestion with humor, for the reason that initials of the supposed division kind the phrase “doge.”
However the affect didn’t finish there. Musk additionally reacted on X (previously Twitter) to a put up that criticized politicians and bureaucrats as the largest obstacles to progress.
The criticism arose after California’s resolution to stop SpaceX, one other of Musk’s corporations, from launching extra rockets from the state. This response generated much more interactions and feedback, strengthening the notion that Musk continues to push not solely his corporations, but additionally cryptocurrencies like dogecoin.
Musk’s hyperlink with DOGE
The story between Elon Musk and dogecoin will not be new. It started in 2019 as an inside joke within the cryptocurrency neighborhood, the place a vote was organized to elect the “CEO” who would take DOGE “to the moon.”
Musk was one of many candidates and received with an awesome majority. Since then, what began as a joke has turn into a monetary phenomenon, the place Musk’s identify has repeatedly benefited the value of DOGE, as reported by CriptoNoticias.
DOGE maintains a bullish outlook
In response to an evaluation by the specialist often called Rekt Capital, DOGE “has efficiently damaged its macro downtrend” (in blue) and has retested it as help in current months (purple circle), as seen within the following graphic.
“Consequently, it has been confirmed that the macro downtrend has ended and DOGE is slowly beginning its new macro uptrend,” notes the analyst.
The cryptocurrency “has examined its help in current months” and has began a brand new upward development, he says. The important thing now, is that the asset wants to achieve and keep a earlier low worth of $0.12 (in black) as new help. If it succeeds, it might attain ranges near $0.16 and even $0.20, he explains.
Nevertheless, he warns that, If it fails to remain above this help, DOGE might pull again once moreas he has achieved on different current events.
For that, it wants to achieve and keep a earlier low worth of $0.12 (in black) as new help, explains Rekt Capital.
