TL;DR
Dogecoin’s price jumped over 14%, fueled by Elon Musk’s endorsement and potential Tesla payment acceptance.
Analysts and crypto enthusiasts are optimistic about DOGE’s future, predicting significant rallies for it and other meme coins.
Dogecoin made serious waves today (March 14), with its price spiking over 14% and reaching almost $0.20.
Its latest surge could be attributed to Elon Musk’s endorsement, who said his EV-giant Tesla might enable DOGE payments “at some point.” He claimed that the first-ever meme coin is “the people’s crypto,” so he “will support it.”
Some popular analysts on X believe the resurgence will be the beginning of a massive bull run for the token. The popular trader Rekt Capital suggested that DOGE “has successfully retested the Macro Downtrend as new support,” predicting further increases should it cross “the red psychological resistance” level of $0.20.
$DOGE
DOGE has successfully retested the Macro Downtrend as new support and has since rallied +46%
The goal for #DOGE going forward is to reclaim the red $0.20 psychological resistance so that it can rally across the red-red range#Crypto #Dogecoin https://t.co/5WkNvhXm3i pic.twitter.com/VVpfHHe6MF
— Rekt Capital (@rektcapital) March 14, 2024
The crypto enthusiast Ansem was even more bullish, asking his thousands of followers whether DOGE has the chance to explode to a new all-time high of $1 and WIF to reach a whopping $100.
Many users commenting below the question predicted that such a rally is plausible, adding that the Solana-based meme coin can also skyrocket (considering its massive resurgence as of late). WIF is up 80% in a week, recently hitting an ATH of over $3.30.
Meme coins have been in the spotlight in the last several weeks, with Shiba Inu (SHIB), Pepe Coin (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and many more experiencing triple-digit price increases.
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