Dogecoin, the first meme cryptocurrency, is making headlines again as it gained 12% in the past 24 hours. According to CoinGecko, the coin is trading at $0.1287, a significant increase in price.
The impressive gain came after a tweet from Elon Musk, the billionaire inventor of the Tesla electric car and SpaceX rocket company.
On Tuesday, Musk tweeted: "Dogecoin will fix this," in response to a report in the Los Angeles Times that California officials blocked SpaceX from launching more rockets. The tweet received a lot of attention on social media, especially among investors and the Dogecoin community, who saw Musk's words as an excellent guide to buying Dogecoin.
While Musk's tweet was technically a scam, the "Ministry of Government Efficiency," which is related to former President Donald Trump's ideas about government improvement, traders were quick to link the product to Dogecoin. Since Musk has touted Dogecoin heavily in the past, many believe his recent comments are actually driving Dogecoin's surge again.
Dogecoin was launched in 2013 as a joke to mock the inherent importance of Bitcoin and digital currencies. Since then, it has grown to become the ninth-largest altcoin by market cap, valued at nearly $18.5 billion. Dogecoin is down 83% from its 2021 high, but it remains popular, largely because Musk continues to support the coin. However, at its peak, Musk even shared jokes about the coin, which also added to its popularity.
Dogecoin short-term upside target set at $2.7
Crypto expert and trader Master Kenobi made a bold prediction, pointing out the potential prospects of Dogecoin, which could take the dog-themed meme coin to unprecedented heights in the short term. Kenobi shared this bold prediction on the social media platform X, triggering a wave of optimism in the Dogecoin community.
The expert is convinced that DOGE could reach $2.7 by December, which would imply a bullish breakout in the coming days. His bold prediction of DOGE reaching new all-time highs is based on past cyclical trends that saw massive rallies over a period of time, as well as its current price performance.
DOGE continues to move in the same direction as the last cycle, which started with four green weeks followed by two red weeks. However, this week’s close will determine if the pattern continues, validating another major uptrend.
