Hold onto your hats, folks! Dogecoin (DOGE) is on a wild ride today, October 18, soaring by a hefty 9% and breaking past the $0.13 mark. The last time we saw DOGE climbing this high was back in July. What’s got everyone barking in excitement? Well, it could be thanks to none other than Elon Musk. During a recent speech in Pennsylvania, when asked if he’d lead a fictional government department in a potential Trump administration, Musk cheekily replied, “Yeah, DOGE,” earning cheers from the crowd.
Musk’s charisma has a history of sending Dogecoin to the moon. Earlier this year, he hinted that Tesla might start accepting DOGE payments, which sent the coin’s price soaring. Then, the electric vehicle giant officially made Dogecoin a payment option, sparking another price jump, though it didn’t last long.
Elon Musk and DOGE have a long-standing bromance, with Musk even dubbing himself the “DOGEFATHER.” His latest shoutout has analysts buzzing. One analyst, Dylan, predicts that DOGE’s rise could kick off a broader altcoin rally. He’s basically saying, “When DOGE pumps, it’s party time for altcoins!”
Another prediction came from Ali Martinez, who boldly suggested DOGE could reach a mind-boggling $10 soon. But for that to happen, its market cap would need to shoot up to around $1.4 trillion—a feat currently reserved for Bitcoin alone.
Before we get too carried away, let’s check the stats. The Relative Strength Index (RSI) for DOGE is over 70, suggesting it’s in overbought territory. That might mean a correction is on the horizon. So while it’s tempting to get swept up in the excitement, keep an eye on the market and stay grounded!
