• Dogecoin has risen greater than 50% up to now seven days, making it into CoinMarketCap's prime 10 cryptocurrencies.
• DOGE customers are hoping for indicators that Elon Musk will be part of the growing bull market.
• Musk’s feedback contributed to Dogecoin’s 28,000% rise over the last bull market.

Dogecoin, the well-known dog-themed meme coin, has seen an enormous rally this week. The cryptocurrency has risen greater than 50% up to now seven days, replicating a transfer just like the earlier bull market. Based on information from CoinmarketCap, DOGE is buying and selling at $0.128 and has a market capitalization of $18.34 billion, returning it to the highest 10 cryptocurrencies.

DOGE’s rise parallels X proprietor Elon Musk’s actions 4 years in the past when he publicly supported the meme coin. Musk made a few of the feedback that sparked Dogecoin's rise over the last bull market, serving to to spice up the cryptocurrency's profile.

Following DOGE's current surge, many crypto customers wish to see if X homeowners will play a job within the meme coin's resurgence. If that occurs, many cryptocurrency customers shall be questioning how far DOGE will go subsequent.

In 2020, Musk's feedback have been leaning in direction of supporting and shopping for Dogecoin. He additionally touted that his electrical automotive manufacturing firm, Tesla, might settle for meme cash for cost. With such feedback, this well-known investor attracted the eye of many cryptocurrency customers and raised expectations for DOGE.

Mr. Musk's assist for DOGE contributed to the huge concern of flight (FOMO) that led to the rise of DOGE. The demand for meme cash elevated and astronomical rallies occurred at a number of levels. DOGE recorded an astonishing return of over 28,000% in 5 months, making it one of many highest performing firms in 2020.

Musk's crypto leanings proceed on his social media platform X, which has reportedly partnered with Stripe to introduce crypto funds. Based on early studies, the social media platform plans to begin accepting funds in USDC earlier than including different cryptocurrencies.

DOGE has rallied greater than 76% this month, recovering to cost ranges final seen in 2022, in line with TradingView information. Many customers count on the memecoin's resurgence to proceed, noting the optimistic response from probably the most essential influencers the crypto market has ever seen.