Dogecoin, which has always been touted as one of the ‘most popular memecoin’ among crypto community, continues its bullish trends, as $DOGE jumps over 7% in the past day.
The rally especially paced up early this week, and now has led $DOGE to reach $0.1767, after witnessing a jump of 7.5% in the past day.
With a consistent spike like this, crypto analysts believe that if DOGE price breaks out from the $0.18 mark, it could be ready for a rally to $0.2 in the short-term. This crypto remains popular for microtransactions and tipping is predicted to soon meet with ambitious targets of $0.5 and $1 in the long-term.
One of the reasons behind the surge apart from Bitcoin nearing its all-time-high and crossing $71k was definitely Elon Musk’s playful yet covert endorsement of his favorite memecoin. His subtle endorsements had been since the time of DOGE launch, but it recently revived DOGE community after Elon Musk proposed to save American taxpayers $2 trillion through a concept dubbed the “Department of Government Efficiency.” Its initials—D.O.G.E.—align perfectly with Musk’s favorite cryptocurrency, sparking renewed enthusiasm among Dogecoin traders.
If that was not a enough push, Musk also teased his favorite memecoin community as he posted a Dogecoin($DOGE) image. As is always the case, the memecoin community picked upon this adrenaline rush, and helped pump DOGE’s market price.
