Dogecoin News: DOGE Turns 11 And Ruling The Meme Coin Sector

• Dogecoin turned 11 yesterday, and most Dogecoin News cover stories on how a meme-inspired cryptocurrency has achieved immense success.
• What started as a joke is worth over $66 billion in market cap at press time.

The latest Dogecoin News features a widespread celebration of dog-themed cryptocurrency Dogecoin’s (DOGE) 11th anniversary. Created in 2013 by software engineers Billy Markus and Jackson Palmer, the coin was inspired by the viral ‘doge’ meme that featured the Shiba Inu referred to as Kabosu.

With Dogecoin in its twelfth year, analysts share their opinion on the recent price action. Assuming that the increased popularity of DOGE in recent months relates to the bull rally in the crypto market won’t be wrong. Bitcoin price crossed the $100k barrier and the activism of personalities like Elon Musk also worked in the favor of the Dogecoin price.

Musk has continued to keep the spirit high for DOGE enthusiasts through his tweets. That probably led to a massive price surge of over 150% last month. At press time, the DOGE price traded at $0.4511, noting an intraday surge of over 4.98%.

DOGE boasts a market cap of over $66 billion. That makes it the seventh-largest cryptocurrency, according to CoinMarketCap.

Dogecoin News Features Analysts Supporting Its Surge to $1

Crypto Analyst Trader Tardigrade said that Dogecoin formed a bullish pennant pattern and could see a wild an upmove soon. In case of a successful breakout, the Dogecoin price could run toward the $1.35 level.

This Dogecoin News cannot miss more optimistic views of crypto analysts, such as Kevin Capital. He highlighted a border potential for Dogecoin. It will begin its path with the macro golden pocket, which is at $3.80-$4.00.

However, the meme coin’s price was still 40% below its ATH level and sailing in a strong uptrend.

Dogecoin’s Next Chapter: What’s In Store for Its Development?

Dogecoin Foundation’s aim for January 2025 is to advance its open-sourced initiatives through the Dogebox Decentralized Infrastructure System, where many projects would have contributed to referring the first million grassroots retailers to accept Dogecoin as a direct payment layer.

Dogebox will allow small businesses to develop and manage their own e-shops in addition to managing their keys for their shops and implementing connections with existing systems.

However, the ongoing bull run in the crypto market helped DOGE to ride on the bullish track. Also, its price gain has much to do with Elon Musk’s posts about D.O.G.E. Remained in Dogecoin News for many days, it is an abbreviation for Department of Governmental Efficiency.

In the meantime, Musk and Vivek Ramaswamy, who are expected to run D.O.G.E, have met with some Congress members on their plans for the Department. Their progress with the government initiative has been in the DOGE news. It might be indirectly helping Dogecoin in this bull run.

Dogecoin Price Prediction: What’s Next After 150% Monthly Surge?

On the daily timeframe, Dogecoin formed a bullish pennant formation and was inching closer to a breakout. Readings from DOGE’s Relative Strength Index (RSI) indicator confirm the surge in buyer’s presence in the market.

Adding to this bullish sentiment, DOGE’s funding rate remained positive since early September. This positive funding rate reinforces the growing optimism among traders.

Furthermore, the higher high swings were intact, which further favored the bullish thesis. A daily break above $0.4600 would fuel further bullish pressure, and the Dogecoin price could reach the monthly candlestick high of $0.4800.

While a drop below $0.4000 would trigger a profit booking, a retracement toward $0.3800 can be anticipated in the coming days. Dogecoin News, filled with positive remarks about the meme coin leader, might encourage crypto enthusiasts to make the crypto surge more.

The immediate support zones for Dogecoin crypto were $0.4350 and $0.4200, whereas the upside hurdles were $0.4670 and $0.4800.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.