Dogecoin jumped over 6% after Elon Musk recalled his “Dogefather” skit on Saturday Night Live in the year 2021.
The meme cryptocurrency’s trading volume shot up 52% to $659 million. This DOGE rally made it the most traded meme coin in a day.
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Elon Musk’s Influence on Dogecoin: From SNL Skit to Market Rally
Musk shared his thoughts on the Dogefather skit during the All-In Podcast. He revealed he went off-script during the famous SNL show.
“I said a lot of things that weren’t in the script,” Musk said. “I went off the rails.”
Technical Analysis Suggests Possible Breakout
Musk’s Dogefather comments boosted Dogecoin’s price. Now, analysts are looking at signs of a bigger DOGE rally.
Dogecoin has formed a falling wedge pattern over several months. This often signals a price rise. If DOGE breaks out of this pattern, it might reach $0.22.
The analyst stated in a post on X:
“$DOGE (Dogecoin) looks to be working on a multi-month Falling Wedge breakout and a successful break can lead into a more than double (>100%) in price back to the $0.22 areas. Larger $0.6533 target is maintained.”
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Community Gets Excited
Dogecoin fans are thrilled by the recent price jump and market setup. More people are talking about DOGE on social media. Many hope for a big rally, inspired by Musk’s Dogefather role.
Wider Crypto Market Improves
Dogecoin’s rise is part of a larger crypto market recovery. Bitcoin and Ethereum prices are also up. This has created a positive mood in the crypto world.
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The DOGE rally has made holders happy. But remember, crypto markets change quickly. Prices can go up or down sharply at any time.
Dogecoin fans are watching for a possible rise to $0.22. The crypto market remains a hot topic for speculation. People still talk about how the Dogefather skit affects DOGE’s popularity.