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21 May 2024
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Dogecoin (DOGE) Joins GameStop-Induced Rally With 10% Surge



Something intriguing is triggering the stock and crypto market today and Dogecoin (DOGE) is at the receiving end. The iconic meme stock from 2021, GameStop has resurfaced with over 60% within a few hours. This uptrend has sent stocks and memecoins on an unprecedented rally across the board.

Dogecoin In a Vantage Position

Entering into the new week, Dogecoin already positioned itself aright for a potential rally. At the time of writing, the digital currency has soared by 10.2% in 24 hours, a jump that pushed its price to $0.151. It is worth noting that this is a promising move for Dogecoin, as it earlier slipped to a low of $0.136.

The GameStop rally came alive again today after Keith Gill (aka Roaring Kitty) resurfaced after a 3-year hiatus. Gill earned his reputation after fueling the GameStop rally of 2021. As the gaming tech company’s stock roared back to life, it got suspended for more than 5 time due to intense volatility.

It remains uncertain how long altcoins like Dogecoin will feel the impact of the GameStop for. However, the current bullish trigger is needed to help validate its technical triggers.

DOGE/USDT 4H Chart
DOGE/USDT 4H Chart. Source: TradingView

The DOGE/USDT 4H Chart as seen on TradingView shows an outstretched surge in relation to the upper Bollinger Bands (BB).Under natural set-up, Dogecoin is likely to reverse its trend from this level. However, the sharp uptick in its price at the moment is predated by the weeklong drawdown that has pushed its price down 3.55%.

The current growth outlook is a Litmus test for DOGE bulls. Should the price reclaim the $0.16 resistance zone, chances are that it might push it price discovery zone.

Dogecoin Future Looks Bright

Dogecoin remains the most capitalized memecoin in the digital currency ecosystem. Despite the fluctuations, DOGE remains in the top 10 of most capitalized coins with a market valuation of $21,608,335,264.

The members of the Dogecoin ecosystem remain optimistic in the growth potentials of the asset. However, its real world use case is limited, with dependence on Elon Musk’s Tesla and X to integrate it into their businesses. While the clamor for X payments remains high, there is no certainty as to whether the coin will be integrated overall.

Besides Elon Musk, Dogecoin developers remain committed to growth of the coin in the long term.

Read More: Toncoin Price Prediction: TON Poised to Break Past All-Time High Amid TVL Growth

The post Dogecoin (DOGE) Joins GameStop-Induced Rally With 10% Surge appeared first on CoinGape.

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