The post This is why Dogecoin (DOGE) is surging appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE), the prominent meme cryptocurrency, is experiencing a substantial rally. Recently peaking at nearly $0.17, a level last seen in early June, the coin has surged to a nearly five-month high, reflecting an 18% gain over the past 24 hours.  Dogecoin year-to-date price chart. Source: TradingView DOGE’s rise has been fueled by a combination of factors, including technical momentum, increased derivatives interest, and notable political endorsements. Together, these elements have set DOGE on a promising upward trajectory, capturing the attention of traders and investors alike. Elon Musk’s influence on Dogecoin’s rally The latest price surge appears to be closely linked to Tesla and SpaceX CEO Elon Musk. Musk’s support for Trump’s re-election bid has fueled speculation that Dogecoin might play a role in a Trump administration, should he win.  In a recent hint, Trump suggested a potential role for Musk in his administration, overseeing a proposed Department of Governmental Efficiency (D.O.G.E.), a name that strikingly mirrors Dogecoin’s ticker. This unexpected connection has reignited excitement and speculation around Dogecoin, adding fuel to its price momentum.  The proposed Musk-led department has sparked enthusiasm, especially after Musk claimed that such a department could save the U.S. $2 trillion annually.  Following Musk’s endorsement and his post featuring a DOGE avatar, Dogecoin’s price spiked, with many attributing the surge to Musk’s apparent ties to the token. Derivative data signals high market activity DOGE’s derivatives metrics further highlight the robust trading interest around its rally. According to Coinglass, over the past 24 hours, Dogecoin futures trading volume surged by 28%, while open interest grew by over 34% to reach $1.48 billion, signaling aggressive trading activity. Additionally, options volume spiked by 138%, reflecting substantial speculative interest in the derivatives market. Although options open interest dipped by 23.68%, likely due to profit-taking by some traders, overall bullish…

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Filed under: News - @ October 29, 2024 6:25 pm