Dogecoin once rose to $0.15 on Oct 29 before falling to $0.12 – 0.13 at the time of writing. This was the highest price of Dogecoin after nearly half of a year remaining at $0.5 – 0.7. DOGE’s price on Oct 25 was $0.6 and surged more than 150% just 4 days later. Dogecoin has thus surpassed Solana and Cardano to become the world’s eighth largest cryptocurrency by market capitalization with $16 billion.
Other meme coins also surged following Dogecoin’s growth. From Oct 27 to Oct 30, Shiba Inu increased by more than 40%, from $0.000009 to $0.000014 USD; Elon Musk-named meme coin, Dogelon Mars, was up more than 140% while Baby Doge Coin up 20%.
According to analysts, the driving force behind the rise of meme coins comes mainly from Elon Musk’s Twitter acquisition. This billionaire has been very active in promoting Dogecoin and offered the option to use this coin to buy Tesla cars, pay for SpaceX products or buy perfume. Many people now expect Musk to continue to allow Twitter Blue users to pay for the $2.99 a month premium subscription service in Dogecoin.
Binance, who invested $500 million in Musk’s Twitter takeover, also confirmed that they are building blockchain and crypto strategies on Twitter. Dogecoin’s most recent strong bull run was in April when Elon Musk made his first offer to buy Twitter. But then, this meme coin dropped sharply because this deal was repeatedly delayed, even at risk of collapse.
However, experts say this rally seems unsustainable. As reported by Santiment, there was a large number of transactions worth over $100,000, indicating that they are heavily carried out by crypto whales. Dogecoin’s RSI, which provides short-term buy and sell signals and is
used to track the overbought and oversold levels of an asset, rose to 93.69. This is the highest index since April 2021 – a month before DOGE rallied to a record $0.75. According to Cointelegraph, it shows investors’ excitement about cryptocurrencies, but also a sign that Doge will decline or move sideways in the near term.
Technical analysis conducted by Cointelegraph shows that Doge’s price pattern is similar to that of 2018-2020 and it is likely that the coin will drop to $0.055 by the end of the year, losing half of its current value.
Follow our channels for more crypto news:
- Cryptory Insights: https://t.me/CryptoryInsights
- Cryptory Global Community: https://t.me/CryptoryCommunity
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: https://twitter.com/CryptoryNetwork