Dogecoin Price Prediction as Elon Musk Says He’s Returning to the ‘Meme Grindstone’ – Can Meme Coins 100x From Here?
The Dogecoin price has rocketed by 30% in the past 24 hours, after tech entrepreneur Elon Musk tweeted that that he would “get back on the meme grindstone soon”.
Taken as a potential indication that Musk will resume pumping DOGE once again, DOGE has now jumped by 50% in a week and by 57% in the last 30 days.
Such gains have come amid an increasingly bullish market, with Bitcoin ETF volumes causing a spike in buying across the market.
And with DOGE up by ‘only’ 55% in the past year (which has come almost entirely from this week), the meme token has plenty of space to mount further rallies soon enough.
It’s entirely arguable that today’s surge has been a long time coming for DOGE, which the market had neglected and oversold in previous months.
Its RSI has accelerated beyond 70 in the past day, signalling rapidly growing buying pressure.
It’s the same thing with DOGE’s 30-day average (yellow), which has begun rising steeply, indicating a strong breakout for the meme coin.
Most bullishly of all, the coin’s 24-hour trading volume has shot up to $7.3 billion in the past few hours, from $300 million only a few days ago.
Other major tokens have exhibited this steep increase in volume, implying that the market has probably entered a full-blown bull market.
Yet DOGE has also received help from its old buddy Elon Musk, who has implied that he will begin doing things (however indirect) to support the meme coin’s price.
Fine, I will get back on the meme grindstone
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