The memecoin market is always full of surprises, and Dogecoin is a good example. Last week, the price of Dogecoin successfully broke through the previously insurmountable $0.12 mark. Does this mean that the price of DOGE will continue to rise?
Dogecoin successfully breaks through the key point
Last week, the price of Dogecoin has been hovering around $0.11. But today, DOGE finally broke through the key resistance level of $0.12, with a weekly increase of about 15%, and today's breakthrough is even more amazing.
All this was actually predicted by Dogogod, a well-known Dogecoin analyst on the X platform. He mentioned that this meme coin has gone through a consolidation period in the past few years, and now the price may rise further.
“Dogecoin has been consolidating for several years. The current support level is around $0.11. If it breaks, the price has the potential to rise to $0.30 or even higher,” he wrote on the X platform on Monday, October 14.
By breaking above this critical resistance level, we could potentially see Dogecoin prices reach $0.30 in the near future, and possibly even higher.
DOGE trading activity surges
Supporting this positive trend is the fact that the memecoin’s trading activity is also growing rapidly. In recent weeks, the number of active Dogecoin addresses has skyrocketed to 133,880, an eight-month high.
This data is not just a number, it actually reflects the increasing interest and participation of users. In the world of cryptocurrency, the rise in the number of active addresses often means more transactions and demand, which may further drive the price of Dogecoin up.
The change has made memecoin traders more optimistic, believing that high network activity could lead to price increases. Typically, increased trading participation is accompanied by upward pressure on Dogecoin prices, especially if the trend continues.
With the price breaking through this important resistance level, coupled with a sharp increase in trading activity, DOGE is in a good position to potentially achieve further growth in the near future. Traders are becoming increasingly confident in the potential of this memecoin.
Tesla Robotaxi rumors
In the latest development, Tesla unveiled Robotaxi, a taxi that is fully powered by artificial intelligence and does not require a driver.
The video uploaded by Wizard Doge showcases the product in a humorous way, with one scene in the video showing a Shiba Inu sitting in the passenger seat, waiting for its owner to arrive, which cleverly links Dogecoin to the moment.
Several of Tesla’s products have further strengthened their ties to Dogecoin, with users now able to purchase them using the meme coin.
As Tesla's website states, "Next to Dogecoin-eligible products, you'll see a Dogecoin symbol and click the 'Order' button."
A bright future for Dogecoin?
With the price breaking above $0.12 and a noticeable increase in trading activity, DOGE appears to be on its way to further growth.
Additionally, due to interesting connections with innovations such as Tesla’s Robotaxi, the price of Dogecoin has the potential to climb to higher levels.
So, is the price of this memecoin ready to rise and attract more investor attention? Only time will tell.
