Here is What’s Behind Dogecoin’s Recent Upward Momentum
Dogecoin (DOGE) has recently experienced a major rally, reaching a high near $0.17 - a level last seen in June.
Several factors seem to be fueling DOGE’s upward momentum, including technical indicators, growing derivatives interest, and surprising political support.
Elon Musk’s endorsement has played a significant role in this surge. His support of Trump’s re-election and a hint at a new Department of Governmental Efficiency (D.O.G.E.)—which Musk might oversee—has sparked widespread speculation and excitement.
Musk’s suggestion that such a department could save the U.S. up to $2 trillion added more fuel to the rally, especially as he updated his social media avatar to a DOGE icon.
READ MORE:
Is Ethereum’s User Base About to Be Overtaken?The data from derivatives markets is also strong, with Dogecoin futures volume grew significantly, and open interest increasing by 34% to $1.48 billion. Although some traders locked in profits, bullish sentiment remains high, as seen in Binance’s long-to-short ratio. On-chain metrics reveal an uptick in active DOGE addresses, which recently reached over 84,000, reinforcing positive sentiment.
Analysts are now speculating on DOGE’s potential for further gains, driven by a mix of high trading interest, Musk’s involvement, and consistent network activity. Some even suggest DOGE could see a significant rally if these factors continue to support its price trajectory
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Limit Break launches Wrapped Native to simplify multi chain operations
Bitfarms signs another 10000 Bitcoin miner custody agreement with Stronghold
Movement releases testing network V2 version Porto