search
Homeweb3.0Why Is Dogecoin (DOGE) Price Rising Today? Here Are the Potential Reasons

Dogecoin price has surged more than 10% today, crossing the brief $0.1 mark, fueling market interest. Recently, the backing from the tech mogul Elon Musk has sparked market optimism towards the leading dog-themed meme coin.

Why Is Dogecoin (DOGE) Price Rising Today? Here Are the Potential Reasons

Dogecoin (CRYPTO: DOGE) price has surged more than 10% today, crossing the brief $0.1 mark, as the crypto market reacted to recent developments involving the leading dog-themed meme coin. Here are the top reasons that might have sparked the recent rally in DOGE price.

Elon Musk’s Dogecoin Lawsuit Win Sparks Market Optimism

Recently, Tesla (NASDAQ:TSLA) CEO Elon Musk had secured the dismissal of a federal lawsuit that accused him and Tesla of manipulating Dogecoin price for personal gain. The Dogecoin lawsuit, filed in Manhattan federal court, alleged insider trading and publicity stunts to inflate the crypto’s price by 36,000%.

However, the recent dismissal, issued by US District Judge Alvin Hellerstein, comes after investors failed to substantiate their claims across five versions of the lawsuit. The news may be contributing to DOGE’s recent price surge, as the crypto market reacts to the removal of legal uncertainty surrounding Musk’s involvement.

Elon Musk’s Recent Backing Of DOGE

Elon Musk has been actively backing the top meme coin recently, fueling market speculations. In a recent X post, the Tesla CEO said that he would like to add Dogecoin as a payment option for Tesla merchandise. This comment has fueled discussions about whether the company would also start accepting DOGE as a viable payment option for its vehicles.

In addition, an X user recently deemed Dogecoin as a potential solution against Brazil’s alleged freezing of Starlink’s bank accounts. Commenting on the post, Musk replied “Hmm… you make a good point.”

This endorsement, combined with his recent legal win, has sparked speculation in the market. Musk’s active promotion of Dogecoin, even after the lawsuit dismissal, has led investors to bet on the cryptocurrency’s potential.

Simultaneously, Donald Trump has said that he would propose a senate or advisory position to Elon Musk under his presidency. Commenting on that, the tech mogul said that he would like to lead a new department called “Department of Government Efficiency” or “D.O.G.E”. This also reflects his growing support for the meme coin. Additionally, Musk, in a recent X post, has also revealed plans to use “DOGE” as an official mascot for the department.

Crypto Market Regains Momentum Amid Fed’s Rate Cut Bets

The crypto market has witnessed a positive momentum today, as investors might be regaining confidence amid soaring bets over a potential Fed rate cut this month. As of writing, the global crypto market cap soared nearly 3.5% to $1.99 trillion, with Bitcoin (CRYPTO: BTC) price rising over 4% to $56,602.

Simultaneously, along with Dogecoin Price, the top meme coins like Shiba Inu (CRYPTO: SHIB), Pepe Coin (CRYPTO: PEPE), and WIF, among others, have also noted a surge of over 4% today. This highlights the growing interest of the investors in the risk-bet assets.

Meanwhile, the recent cooling of US Job data, alongside other macroeconomic factors hints at a dovish stance by the US Fed with their rate cut plans. According to the CME FedWatch Tool, there is a 73% chance of a 25 bps point cut by the US central bank at their upcoming meeting. This development appears to have fueled market optimism, triggering a rally in the broader crypto market.

Will Dogecoin Price Hit $1?

The DOGE price rallied more than 10% today and traded at $0.1041 during writing. Its trading volume soared nearly 74% to $639.67 million, while the crypto touched a 24 high of $0.1046. Furthermore, Dogecoin Futures Open Interest rose 8% to $476.52 million, while its Options Open Interest jumped over 37%, CoinGlass data showed.

In addition, a recent Dogecoin price analysis showed that the crypto could hit $1 if it surpasses crucial resistance levels. Besides, the recent backing from Elon Musk and the favoring market trends also hint at a bullish momentum ahead for the meme coin.

The above is the detailed content of Why Is Dogecoin (DOGE) Price Rising Today? Here Are the Potential Reasons. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Neiro (NEIRO) Token Skyrockets to $100 Million Market Cap, Aims to Be the Next DogecoinNeiro (NEIRO) Token Skyrockets to $100 Million Market Cap, Aims to Be the Next DogecoinAug 01, 2024 am 03:10 AM

The crypto community might be set to witness the birth of the next Dogecoin following a recent announcement made by the beloved Kabosu's owner.

Neiro, the Meme Coin Inspired by Atsuko Sato's New Dog, Raises Question MarksNeiro, the Meme Coin Inspired by Atsuko Sato's New Dog, Raises Question MarksJul 30, 2024 am 03:20 AM

As you've been following on Kriptokoin.com, meme coin projects are gaining a lot of traction in the crypto world, despite being risky.

Dogecoin (DOGE) Price Prediction: CHances of a Breakout and Trend Reversal Are Under Threat as the Bears Dominate the Falling WedgeDogecoin (DOGE) Price Prediction: CHances of a Breakout and Trend Reversal Are Under Threat as the Bears Dominate the Falling WedgeJul 30, 2024 pm 06:51 PM

With a major rejection in Bitcoin from the $70K mark, the broader market sentiment is at risk. Amidst the growing supply, the meme coins are at a crossroads

Elon Musk Still Believes "There Is Merit" in Bitcoin and Some Other Cryptos, but Has No Plans to Promote ThemElon Musk Still Believes "There Is Merit" in Bitcoin and Some Other Cryptos, but Has No Plans to Promote ThemJul 30, 2024 am 09:21 AM

The highly-awaited Bitcoin 2024 Conference came and went by without Tesla/SpaceX CEO Elon Musk making an appearance alongside former President Donald Trump

Dogecoin (DOGE) Large Transaction Volume Spikes 29.27% to $1.1B, Network Activity JumpsDogecoin (DOGE) Large Transaction Volume Spikes 29.27% to $1.1B, Network Activity JumpsJul 29, 2024 am 03:54 AM

According to IntoTheBlock data, dog-themed cryptocurrency Dogecoin (DOGE) is reporting a staggering $1.1 billion in large transaction volume

Memecoins Return to the Spotlight: Dogecoin (DOGE) Eyes $0.5, Shiba Inu (SHIB) Gears Up For a 2x JumpMemecoins Return to the Spotlight: Dogecoin (DOGE) Eyes $0.5, Shiba Inu (SHIB) Gears Up For a 2x JumpAug 01, 2024 am 03:36 AM

Memecoins, a popular, if not the most widely known, crypto narrative, returns to the spotlight. Dogecoin (DOGE) and Shiba Inu (SHIB), the top memecoins and dog-themed cryptocurrencies, gather momentum for their next bull leg.

Dogecoin And Shiba Inu Whale Transactions Rise As Crypto Whales Make Moves In Meme CoinsDogecoin And Shiba Inu Whale Transactions Rise As Crypto Whales Make Moves In Meme CoinsJul 25, 2024 pm 02:40 PM

As the market retraces from its weekend surge, Crypto whales are beginning to make moves in meme coins such as Dogecoin and Shiba Inu once again.

2024年Dogecoin币会上涨吗?会涨到$0.5吗?2024年Dogecoin币会上涨吗?会涨到$0.5吗?Feb 28, 2024 am 09:19 AM

2024年Dogecoin币会上涨吗?会涨到$0.5吗?分析:技术发展和项目进展:Dogecoin的核心开发团队正在积极推进项目的开发,包括升级网络、提高交易速度和安全性等。这些技术改进可能会增强狗狗币的吸引力和实用性,从而提振其价格。整体加密货币市场的发展:2024年,加密货币市场有望继续快速发展。随着比特币及其他主流加密货币的普及,越来越多的人开始了解和接受加密货币的概念,并投资其中。这种整体的市场发展将为狗狗币提供了更多机会,因为更多的投资者可能会将目光投向那些有潜力和前景的加密货币项目,

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.

MantisBT

MantisBT

Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.

mPDF

mPDF

mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment