• Crypto & Funx
• 14 May, 2024

Dogecoin’s rally is supported by a "golden cross" pattern on its daily chart, signaling a shift to bullish sentiment.

Elon Musk's recent hints about DOGE-related political involvement in a potential Trump administration have also fueled investor enthusiasm.

The meme coin sector saw widespread gains with Shiba Inu’s trading volume up 178%, POPCAT reaching new all-time highs, and Floki Inu rising by over 10%.

The meme coin sector is currently witnessing the sharpest recovery led by Dogecoin’s staggering 15% gains in the last 24 hours. Apart from DOGE , other market players like Shiba Inu , POPCAT , and FLOKI have also joined the party registering 10% gains each.

The reasons behind this strong Dogecoin comeback are technical as well as Elon Musk’s latest push. On the daily technical chart, the Dogecoin price forms a “golden cross” pattern as the 50-day EMA crosses over the 200-day EMA. Analysts view this cross-over as a major shift from the bearish to the bullish sentiment.

As of October 29, Dogecoin is holding steady above its key 0.5 Fibonacci retracement level at around $0.1358, a point that served as strong resistance back in July. Staying above this level could pave the way for DOGE to target the $0.1832 and $0.2292 ranges.

Courtesy: TradingView

On the other hand, the Dogecoin futures interest is rising very fast and near record levels from April. Since last Sunday, the DOGE-denominated futures have surged 33% to more than 8 billion tokens. This is just 12% short of the lifetime record of 9 billion DOGE in open interest. As per the Glassnode data, the DOGE bets have surged from $850 million to more than $1.3 billion.

On the other hand, Elon Musk has been cementing his position eyeing a crucial role in the Donald Trump administration. The tech billionaire has been teasing the “Department of Government Efficiency” with the acronym DOGE, for a while. Thus, if the Trump win happens, as per the current prediction market polls, traders expect the DOGE price to rally even further. Also, the odds of Elon Musk finding a crucial role in the Trump cabinet have also doubled over the past two weeks.

Markets increasingly believe Elon Musk will be appointed to a role by the next president.

There is now a 32% chance that Elon Musk is nominated to the Cabinet by February 2025, according to @Kalshi.

These odds have more than DOUBLED over the last 2 weeks.

This comes as Donald… pic.twitter.com/0NicyYz0dP

— The Kobeissi Letter (@KobeissiLetter) October 29, 2024

Markets increasingly believe Elon Musk will be appointed to a role by the next president.

There is now a 32% chance that Elon Musk is nominated to the Cabinet by February 2025, according to .

These odds have more than DOUBLED over the last 2 weeks.

This comes as Donald…

— The Kobeissi Letter (@KobeissiLetter)

Meme Coin Party Kickstarts as SHIB, POPCAT, FLOKI, and Others Participate

Apart from Dogecoin, the entire meme coin sector is seeing a strong surge today. Shiba Inu (SHIB) also rallied over 10% earlier today and is trading at $0.00001839 with a market cap of $10.83 billion. Also, the daily volume for SHIB has surged by a staggering 178% moving all the way to $544 million.

On Monday, the Shiba Inu team announced a major upgrade which brings a unique set of Ethereum-based NFTs to the Shiba Inu ecosystem.

Apart from that, Solana-based meme coin POPCAT has been the top performer surging 12.83% in the last 24 hours and is currently trading at $1.74. With this, it has extended its weekly gains to more than 25% hitting fresh all-time highs. Another meme coin within the same league is Floki Inu, which has gained more than 10% in the last 24 hours.

All of the other top meme coins like PEPE , WIF , and BONK have also surged by 7-8% today.