In what would be a massive development for the meme coin, Dogecoin has seen its trading volume increase as much as 95%, with DOGE now eyeing a massive breakout. Indeed, the token’s success to start the last week of October has it potentially bearing a multi-week breakthrough.
The crypto has gotten a boost from Elon Musk once again in the last several weeks. With the Tesla CEO promised a position in Donald Trump’s administration, barring the former president winning reelection this November, the Dogefather has once again pushed the leading meme coin higher.
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DOGE Boosts 6% Monday as Trading Volume Explodes
Earlier this year, Dogecoin saw an unexpected rise derived from Elon Musk. Indeed, the billionaire had sought a position within the US government. Specifically, heading a new department to ensure government spending remains acceptable. That function would be named the Department of Government Efficiency, or D.O.G.E.
Now, he has once again pushed the asset higher. Indeed, Dogecoin has seen its trading volume skyrocket 95%, as DOGE has been surging to start the week. In the last 24 hours, it is up more than 6%, according to CoinMarketCap. Moreover, that is building on its 18% growth over the last 30 days.
Also Read: $100 in Dogecoin 5 Years Ago: Here’s How Much It’s Worth Today
Now, all eyes are on whether or not the token can leverage the recent surge into a most sustainable rally. The asset is poised to restest the vital $0.20 price level. That would go a long way in where DOGE can potentially end when 2024 closes.
The crypto market as a whole has experienced some bullish sentiment. This is obviously a good thing for the asset that sits atop the meme coin market. Additionally, if Donald Trump wins the 2024 election, his return to the White House should see Dogecoin surge exponentially. He has already promised Musk a position, and his influence on the asset is undeniable.