DOGE Soars to 11-Week High Following Elon Musk's Move

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DOGE Continues to Grow

Dogecoin (DOGE) was the top-performing cryptocurrency in the top 20 on October 18, rising 9% to surpass the $0.13 mark. This is the first time the coin has reached such a high since late July.

The price increase can be attributed to recent comments by Elon Musk during a speech in Pennsylvania. When asked if he would lead a potential new department (called the Bureau of Government Efficiency) in the Donald Trump administration, the Tesla CEO simply replied, “Yeah, DOGE,” to applause from the audience.

This is not the first time the top meme coin has surged following an interaction from one of the richest people on the planet. In March of this year, Musk said Tesla might accept DOGE payments “in the future.” This sent the token’s price up by double digits.

Two months later, the electric car company officially integrated DOGE as a payment method on its website, sparking a massive (albeit short-lived) rally for the asset.

Musk has been vocal in his support for Dogecoin in recent years, praising its virtues on multiple occasions. At one point, he even called himself “DOGEFATHER.”

Is DOGE Ready for Another Bull Run?

The meme coin’s recent rally has caught the attention of many analysts. One X user named Dylan suggested that after DOGE’s surge, other altcoins could follow suit.

Earlier this week, Ali Martinez joined the discussion, making a somewhat controversial prediction. He presented a chart showing that DOGE could surge to a record high of $10 in the next few months.

However, it should be noted that DOGE’s market cap would need to increase to around $1.4 trillion to achieve this. Currently, only Bitcoin (BTC) comes close to that level, while the total market capitalization of the entire cryptocurrency market is hovering around $2.44 trillion (according to CoinGecko data).

Despite the overwhelming optimism, one indicator suggests that DOGE could soon be headed lower. That is the Relative Strength Index (RSI), which is currently above the crucial 70 level. Typically, such metrics indicate that DOGE is overbought and could see a correction in the near term.