- Dogecoin surged over 10% on Oct. 16, with its price hitting $0.1266 and a 90% volume spike.
- Analyst Ali Martinez predicts Dogecoin may reach $10 soon, citing a rising wedge pattern since 2017.
- Elon Musk’s support, calling DOGE “the people’s crypto,” caused 50% price spikes, boosting its prominence.
Dogecoin, thе mеmе-inspirеd cryptocurrеncy, еxpеriеncеd а rеmаrkаblе surgе on Octobеr 16th, with its pricе skyrockеting 10.78%. This significаnt uptick follows а pаttеrn of consistеnt growth, with wееkly аnd monthly gаins rеаching 14.80% аnd 26.57%, rеspеctivеly. As of now, DOGE is trаding аt $0.1266, аnd its trаding volumе hаs witnеssеd а substаntiаl incrеаsе of 90% in thе pаst 24 hours, аccording to dаtа from CoinMаrkеtCаp.
This sginificant increase in Dogecoin price is driven by the trading activity of this cryptocurrency. CoinMarketCap and CoinGlass coinbined figures shows the spot and features market volume for DOGE amounts to $5.5 billion.
Amid this impressive DOGE gain, analysts like Ali Martinez bet on further gains for Dogecoin, even for the $10 mark soon. In a Twitter post on Oct 16, Ali Martinez challenges DOGE critics by showing a rising wedge pattern that indicates a potential reversal from an uptrend.
“To anyone who said $10 #Dogecoin $DOGE is impossible—show them this chart!,” said Ali Martinez.
Ali Martinex showed the chart with rising wedge pattern starting from 2017 and constantly following uptrend until now. The chart shows the two major supports levels on 2021 and 2024 with the pice marks of 0.00300 and 0.0700 respectively. The analysts shwed the optimist among critics about DOGE another pump from is last support level and the price coils go as high as $24 mark as a long term forecast.
Dogecoin Challenges Major Altcoins with Musk Support
Dogecoin is supposed to be a Musk cryptocurrency that gets promoted day in and day out by the most influential person — Elon Musk. Whenever Musk took to social to declare DOGE as his favorite cryptocurrency, it stirred the DOGE price even more than 50% after endorsements.
In February 2024, Musk declared DOGE is the “the people crypto.” Right after the Muk endorsement, DOGE spiked 50% within a few hours. A coin that was created as a joke now challenges the top-tier altcoins in the crypto market due to its significant user base and Musk’s sufficient endorsements.
Apart from the historical spikes, DOGE ranked as the #9 top memecoin, according to the CoinGecko data. Dogecoin outpaces the prominent memecoins, including Shiba Inu, Bonk, and Dogewifhat. Despite the recent memecoins surges, the total market cap for the meme market stands at 59.8B, with a decline of 1.1% in the last 24 hours.
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