Dogecoin (DOGE) price up as meme coins rise

• Dogecoin price spiked double-digits in 24 hours to hit its highest level in close to three months.
• DOGE price broke above $0.13, above levels seen in July as several meme coins surged.

While the meme coin’s price rose amid broader optimism in the crypto market, which had Bitcoin above $68k, its likely Dogecoin benefited from fresh upside sentiment following latest comments by Tesla CEO Elon Musk.

Per data from CoinMarketCap, DOGE ranked as the best performing coin among the top 100 cryptocurrencies by market cap on Friday morning. The dog-themed meme coin’s 10% in 24 hours gain came as Popcat, Mog Coin, Floki and cat in a dogs’ world all surged.

At the time of writing, the global meme coin market cap was up 3.6% to $62 billion, likely indicating a bullish flip for crypto is setting up.

As Dogecoin price eyes further gains, crypto analysts are suggesting a potential breakout in on cards.

Crypto trader Hardy says DOGE has seen a “textbook” falling wedge breakout and could be in for a wild run.

$DOGE, the meme king is waking up! A textbook breakout from the falling wedge. 🚀

I’m eyeing dips to build a solid long position.

Buckle up things could get wild 🔥 pic.twitter.com/fmzQhrHKsD

— Hardy (@Degen_Hardy) October 18, 2024

DOGE spikes amid Musk comment

Donald Trump has previously noted that he’s open to X owner and Tesla CEO Elon Musk joining his cabinet if Trump wins the upcoming election. This particular position is the new Department of Government Efficiency, or abbreviated to ‘DOGE’.

In comments made in Pennsylvania, Musk replied to a question related to the potential of him joining the new docket by mentioning “DOGE”. Although not explicitly about the meme coin, it’s notable that Musk has previously supported Dogecoin.

Tesla even added the meme coin as a payment option for its EVs. DOGE price reached an all-time high of $0.73 in May 2021.