Software entrepreneur Elon Musk tweeted that he would be "back on the meme disk soon", and as a result, Dogecoin was up 30% in 24 hours.
Dogecoin is up 50% in a week and 57% in 30 days, suggesting that Musk may start pushing DOGE.
The trading volume of Bitcoin ETFs drives market buying, which is growing rapidly in a bull market environment.
Even though Dogecoin has 'only' 55% of its growth over the past year (mostly this week's), there is still room for this meme token.
The market has been ignoring and overselling Dogecoin for months, so today's ** may be long overdue.
The RSI, a relative strength indicator, rose above 70 the day before, indicating strong buying pressure.
Dogecoin's 30-day average trading volume has climbed dramatically, signaling a possible breakout of the meme currency.
The most exciting thing is that the coin's 24-hour trading volume increased from $300 million a few days ago to $7.3 billion in the first few hours.
Other large coins have seen similar spikes in trading volumes, suggesting that the market may have ushered in a complete bull market.
Dogecoin's old friend Elon Musk has hinted that he may be indirectly driving the meme coin's **.
Truth be told, however, Elon Musk's tweet doesn't mean that Dogecoin will become stronger or more useful.
The market seems to see his tweet as a signal to ** Dogecoin again. Recent transfer data shows that many large accounts have taken advantage of this interpretation.
Dogecoin's only assets are memes and hype, but its community hopes that one day X will bring payments in cryptocurrency and Dogecoin.
In recent months, X has applied for a payment permit, but this seems unlikely. However, Dogecoin could reach 0 in the coming months2 USD.
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