The famous meme coin Dogecoin (DOGE) is experiencing a significant recovery today, supported by major market factors and strong signals from Elon Musk, putting it on a potential upward trajectory in the coming days.
📈 Current performance of price and technical signals
* Recent jump: DOGE recorded a strong increase of 9.4% since Friday evening, stabilizing around the $0.20 level.
* Technical Analysis: Technical signals and blockchain analysis indicate the potential for an additional 25% jump, which could push the price to $0.25.
* Ambitious Target: Analysts expect DOGE to reach $0.30 during the current bull market cycle.
* Price Background: After a period of stability between $0.18-$0.19 due to widespread sell-offs following tariff news, DOGE has nearly doubled its value since early October, supported by strong signals of support.
🌟 Key Market Catalysts
1. Elon Musk's Influence: The Return of "Doge Father"
* A new cryptic tweet from Elon Musk has sparked renewed excitement among DOGE traders.
* Traders see this post as a signal for a repetition of previous bullish cycles, betting on a similar rise to the extraordinary 36,000% increase in the last bull cycle. Musk's influence remains the strongest driver of Dogecoin sentiment.
2. Hopes for Spot ETF Funds Loom
* SEC Delay: The Securities and Exchange Commission's (SEC) approval for exchange-traded funds (ETFs) for altcoins like DOGE and Solana has been postponed due to the government shutdown.
* 21Shares Move: In a positive development, 21Shares has revised its application for a direct Dogecoin ETF, paving the way for potential listing on Nasdaq soon. This optimism comes despite the overall decline in the crypto market due to the prolonged wait for approvals.
3. Traders Shifting Towards Utility
* While the process of accumulating DOGE continues at low prices, some traders are moving towards derivative tokens that offer real utility.
* "Maxi Doge" Project: This project raised over $3.6 million in presales, indicating the DOGE community's interest in new tokens with added utility.
Note to Investors: Other meme coins under the microscope
To capitalize on meme coin momentum in October, analysts recommend monitoring DOGE (backed by the anticipated new Musk market) alongside TRUMP and Based Eggman, as all are potential investment opportunities in this sector.$SOL $BTC $BNB
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