Dogecoin, the OG meme coin, is back in the spotlight and climbing the ranks. It’s outperforming other meme coins, and even major cryptocurrencies like Bitcoin.
Dogecoin’s Double-Digit Surge
Dogecoin is seeing double-digit gains across the board, with a whopping 30% increase over the past week. While many cryptos are experiencing a boost thanks to Bitcoin’s recent rally, Dogecoin is actually outpacing the king of crypto.
What’s Fueling the Rally?
The Dogecoin rally started on Tuesday, October 15th, but really took off on Thursday, October 17th. This was sparked by a big move from Elon Musk’s Tesla, who transferred over $750 million worth of Bitcoin to unknown wallets.
This sparked speculation that Tesla might be moving its assets into Dogecoin, leading to a surge in demand. Musk even mentioned Dogecoin during a town hall meeting, saying “Yeah, Doge” when asked about leading a new “Department of Government Efficiency.” This was enough to get Dogecoin enthusiasts excited and rushing back to the meme coin.
All this speculation has created a “Fear of Missing Out” (FOMO) among investors, driving a flood of new investments into Dogecoin.
What’s Next for Dogecoin?
Dogecoin is currently trading at its highest point since June, breaking through resistance and aiming for even higher gains. If the rally continues and FOMO stays strong, Dogecoin could reach $0.2 by the end of October.
However, there’s a chance it could retrace back to test resistance before continuing its climb.
