Here’s why Dogecoin price is rising today

Dogecoin price has seen a significant increase in the last twenty-four hours. This is again thanks to the richest man in the world, Elon Muskwho is known as a big supporter of the leading meme coin.

Dogecoin price recovers after DOGE mention

The Dogecoin price rallied after DOGE mention at Donald Trump rally in New York. Elon Musk attended the event and was introduced as the co-founder of the Department of Government Efficiency (DOGE). The mention of DOGE came when the speaker said the acronym DOGE, which also sounded like a reference to the meme coin.

Dogecoin has seen recent surges whenever the meme coin has appeared in connection with Musk’s Department of Government Efficiency, particularly due to the acronym DOGE. Dogecoin price saw a 31% increase in seven days Musk’s mention of “DOGE” at a town hall meeting in Pennsylvania.

Meanwhile, it is worth noting that another reason for the Dogecoin price surge may be due to Musk striking a “Doge Flex” pose during the rally. The richest in the world divided a picture on his X platform in which he confirmed that the pose was alluding to the Doge Flex.

Dogecoin price is expected to continue benefiting from “DOGE,” especially as the November 5th presidential election approaches. Additionally, the Ministry of Government Efficiency could come into being at some point if Donald Trump wins the elections, meaning “DOGE” will become a mainstay in the next government.

This will provide a significant boost to the leading meme coin, which continues to remain in the shadow of newer meme coins in this bull market.

DOGE is preparing for a big step

In an X post, crypto analyst Masonius shared why Dogecoin price is ready for a big step. First, the analyst mentioned that the meme coin’s volume is increasing, with DOGE having strong volume support in its current price range. He claimed that a break above the weak high could send Dogecoin into the $0.4-$0.6 range with “significant momentum.”

Secondly, Masonius mentioned this multiple Structural break (BOS) Signals appear that indicate a trend reversal. He noted that Dogecoin price shows that it is ready to move higher and that the setup looks promising. The analyst also mentioned that the Moving Average Convergence Divergence (MACD) is on the verge of a bullish crossover, which, if confirmed, would result in the market-expected DOGE rise.

Finally, the analyst mentioned that Dogecoin price has increased faster Bitcoin price in recent gains, showing that the meme coin is gaining strength and momentum. With this, Masonius is confident that the psychological price target of $1 for the Dogecoin price is in sight. He expects DOGE to enjoy increasing adoption, which will lead to DOGE achieving this price target.

Featured image created with Dall.E, chart from Tradingview.com