Crypto: Dogecoin explodes, Elon Musk revives meme fever
A huge amount of people are interested in Dogecoin (DOGE), which is affecting the whole joke crypto sector. This sudden rise, which is caused by investors' good mood, could be the start of a big recovery if certain key signs stay true.
Elon Musk, CEO of Tesla, has once again shown that he has power over the Doge price. A tweet about the "Department of Government Efficiency" (DOGE) was enough to get everyone in the Dogecoin community very excited.
According to data from Santiment, DOGE has become one of the most talked-about tokens in the last 24 hours. This shows how much Musk's comments have affected the mood of crypto investors.
People in the neighbourhood responded quickly. Indeed, Musk was immediately interested in a meme about the "Lion King" that was shared by @cb_doge, a well-known figure in the Dogecoin community.
This exchange helped to make people feel better about DOGE, which led to an overall 8% rise in the meme coin market in just one day.
On-chain data shows that this move has put Dogecoin in a big accumulation zone, where buyers have bought over 60 billion DOGE tokens, which could mean a new level of support.
Dogecoin is worth about $0.103 right now, which means it has gained 6% in value today. In the past 24 hours, $2.45 million worth of bets have been closed, with $2.27 million worth of those positions being short.
On the 12-hour chart, technical analysis shows that DOGE is trading within a falling wedge, which means that selling pressure is slowly decreasing. As long as the price stays above $0.111, it could lead to a rise to $0.142 or even $0.175 if there is a big breakout.
Dogecoin's open interest (OI), which is currently $480 million, will also need to rise to keep this bullish trend going. The relative strength index (RSI) is at 59 and the stochastic oscillator is entering the oversold zone. These are both mixed signs that mean you should be careful.
To put it simply, Dogecoin is at a very important turning point. If the current momentum, which is being driven by investor excitement and positive technical signs, keeps up, DOGE could firmly establish itself as the leader of memecoins and start a new era of rapid growth.