Doge Unleashed As Meme Crypto Kickstarts Into Top Gear Over Weekend — Is Elon Musk Fueling The Rally?

Jan 21, 202413:25 UTC

Meme crypto Dogecoin rallied strongly this weekend and has been a standout performer vis-a-vis its major crypto counterparts.

What Happened: At last check, Doge rose 9.82% to $0.087093 on Sunday, according to Benzinga Pro data. The crypto was up about 4.20% over the past seven days.

After settling last Sunday’s session at $0.079978, Doge gained on Monday and Tuesday and ended both sessions at $0.081+ levels. The crypto pulled back over the next two sessions, and, on Friday, it fell to an intraday low of $0.075152. It recovered from the low and settled the session higher at $0.078536.

The meme crypto got a solid lift on Saturday as it came tantalizingly close to breaching $0.09 during intra-day trading. It hit a high of $0.089998 before closing 11.9% higher at $0.087888.

See Also: How To Buy Dogecoin (DOGE)

Why It’s Important: A longer-term trend shows that, after peaking at $0.737567 on May 8, 2021, Doge witnessed a downward move for about a year and has been on a consolidation move, remaining mostly under $0.10 since then. In October 2022, it broke above the range and rallied to as high as $0.125177 on Nov. 1, 2022.

A break above a long-term support around $0.11 could help Doge see a sustained rally.

Chart courtesy of Benzinga Pro

The surge comes after a dedicated payments account by the handle of @Xpayments went live on the Elon Musk-owned social-media platform X. Social media users speculated that this was the billionaire’s move into blockchain-based payments.

“Does this signal Elons move into blockchain based payments?” asked one user.

And Musk’s proclivity toward Doge need no mention. In the past, he has openly expressed his preference for Doge overeven Bitcoin and, on many occasions, talked up the meme crypto.

Read Next: Dogecoin Could ‘Blast Off To The Moon,’ Says Crypto Analyst With $5 Price Target

Photo: Shutterstock