DOGE Continues to Rise as Elon Musk Supports “Dogecoin to the Moon”
The price of Dogecoin (DOGE) has increased by 6% in the past 24 hours, reaching $0.1806 after billionaire entrepreneur Elon Musk declared “Dogecoin to the Moon” during a Q&A session. This marks an 18% increase in a week, a 120% increase in a month, and a 140% increase in the past year for the famous meme coin.
Musk’s remarks have shown the potential for even greater gains if DOGE receives more support from him and his companies. With the market becoming increasingly bullish, DOGE could see further significant growth in the near future.
Positive Indicators for DOGE
DOGE’s indicators continue to look bullish, with recent increases suggesting that there is more room for growth for this long-running meme token. The relative strength index (RSI) is rising again today, indicating that momentum is still with DOGE. Additionally, DOGE’s 30-day moving average is steadily rising above the 200-day average, indicating a growth phase for the coin.
The trading volume for DOGE has also seen a significant increase, reaching around $4.6 billion today. This surge in demand can be attributed to both the increasing bullishness of the wider market and Musk’s recent remarks about Dogecoin.
Elon Musk’s Support Boosts Dogecoin
During an appearance at Tesla’s manufacturing plant near Berlin, an audience member asked Musk if it would be possible to buy Tesla cars using Dogecoin. Musk responded by saying that at some point they should enable such transactions and added “Dogecoin to the Moon.” These statements received applause from the crowd and led to a considerable boost in the price of Dogecoin.
There is also speculation that DOGE could see even bigger gains in the future if Musk’s other company, X, follows through with reported plans to introduce digital payments on its site.
Based on these factors, it is predicted that DOGE could reach $0.2 in the next couple of weeks and potentially reach $0.4 by the summer.
Newer Meme Coins with Potential
While DOGE relies heavily on Elon Musk for its price gains, some traders may prefer to explore other meme coins that offer solid fundamentals. One such coin is Smog (SMOG), an Ethereum- and Solana-based token that has seen a 32% increase in the past 24 hours alone. Since listing on the Jupiter and Birdeye DEX aggregators in early February, SMOG has risen by over 13,000%, making it one of the best-performing new tokens.
Smog’s sustained growth can be attributed to its unique airdrop system, which provides greater rewards to investors who already own the most SMOG tokens. This incentivizes long-term holding and supports the token’s price. Additionally, Smog offers a staking system with a 42% APY, further motivating investors to hold onto their SMOG tokens.
The coin also has a quest system that encourages users to complete tasks to expand its online presence. With over 39,000 followers on Twitter, Smog’s community is growing quickly. Investors can purchase SMOG through the official Smog website or via Jupiter or Birdeye platforms.
Given these factors, it is expected that SMOG could experience significant success in the coming months and potentially rise even higher with additional listings.
Hot Take: DOGE and Smog Show Potential for Memecoin Investors
DOGE’s recent price increase and Elon Musk’s support have demonstrated the potential for significant gains in meme coins. While DOGE relies heavily on Musk, other meme coins like SMOG offer solid fundamentals and unique features that attract investors.
Investors should consider diversifying their meme coin portfolios to include promising options like SMOG, which has shown impressive growth and offers incentives for long-term holding. As the market remains bullish, there are opportunities for memecoin investors to profit from the growing popularity of these tokens.
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