• Dogecoin's value soared by double digits in 24 hours, reaching its highest degree in almost three months.
• The value of DOGE rose above $0.13, above ranges seen in July when a number of meme cash soared.

Memecoin costs rose amid widespread optimism within the crypto market with Bitcoin above $68,000, whereas Dogecoin advantages from renewed upside sentiment following Tesla CEO Elon Musk's newest feedback It’s extremely seemingly that you simply obtained it.

As of Friday morning, DOGE ranked because the best-performing coin among the many prime 100 cryptocurrencies by market capitalization, based on information from CoinMarketCap. The dog-themed meme coin rose 10% in 24 hours as PopCat, Mogcoin, Floki, and Cats of the Canine World all soared.

As of this writing, the worldwide meme coin market capitalization is up 3.6% to $62 billion, maybe indicating the start of a bullish reversal in cryptocurrencies.

As Dogecoin’s value seems set for additional positive factors, crypto analysts are hinting at a possible breakout for the cardboard.

Cryptocurrency dealer Hardy mentioned DOGE is witnessing a “textbook” falling wedge breakout and will doubtlessly rally.

$Dogethe meme king awakens! Textbook breakout from a falling wedge. 🚀

I’m watching the decline to construct a stable lengthy place.

Buckling up can get you in hassle 🔥 pic.twitter.com/fmzQhrHKsD

— Hardy (@Degen_Hardy) October 18, 2024

DOGE soars after Musk's feedback

Donald Trump has beforehand mentioned he could be open to including X proprietor and Tesla CEO Elon Musk to his cupboard if he wins the subsequent election. This explicit place can be abbreviated because the New Division of Authorities Effectivity, or “DOGE.”

In his feedback in Pennsylvania, Musk responded to a query about doubtlessly becoming a member of the brand new doc by referring to “DOGE.” It's not clear about meme cash, nevertheless it's value noting that Musk has beforehand supported Dogecoin.

Tesla has added meme cash as a cost choice for EVs. DOGE value reached an all-time excessive of $0.73 in Might 2021.