Musk pumps Dogecoin again
Musk pumps Dogecoin again
Over the past week, Dogecoin has experienced a surge, rising by 27%. On October 19, DOGE managed to break through an important psychological mark of $0.15, but then retraced and is now trading above $0.14.
The reason for the current rise in DOGE is businessman Elon Musk, who pumped the meme coin during a meeting in Pennsylvania last Thursday. When asked by a journalist if he was ready to head a government department overseeing the efficiency of public administration, Musk responded with "D.O.G.E." After this, the meme coin continued its weekly bull rally.
For those unfamiliar with the context, it is worth explaining that in early September, Donald Trump suggested that if he won, Musk would head a new commission on government efficiency. Elon Musk named it the "Department of Government Efficiency," or in short — D.O.G.E.
Thus, the meme coin has managed to squeeze its way into the White House, and now D.O.G.E. is associated not only with the Shiba Inu dog breed but also with U.S. government activities.Anticipating Altseason Overall, DOGE’s performance in recent weeks reflects the bullish market expectations and the beginning of altcoin season, when altcoins follow Bitcoin’s lead.
Since the beginning of the month, DOGE’s market capitalization has increased by 32% to $20.7 billion. In terms of market capitalization, Dogecoin ranks eighth among cryptocurrencies, behind XRP and ahead of Tron, maintaining its position as the top meme coin.
Open interest in DOGE futures on exchanges grew to $983 million this week, remaining at a six-month-high.
In the spot market, DOGE has been seeing outflows over the past two days. This suggests that most of those who wanted to sell the cryptocurrency have already done so and do not plan to in the near future.
However, it’s important to remember that even a relatively minor drop in Bitcoin could trigger a panic sell-off of DOGE and shift interest to other altcoins with rising capitalizations.
Moreover, according to CoinGlass data, the ratio of long to short positions at the time of publication has decreased to 0.97. This means that DOGE traders are starting to open short positions.Still, although Dogecoin started as a parody of Bitcoin, its ecosystem now includes experienced programmers, and crypto analysts are predicting a reasonable price for it over the next ten years. TU experts forecast that Dogecoin will reach $0.47 by December 2031.
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