Dogecoin (CRYPTO: DOGE) exploded on price charts Monday, emerging as the best-performing billion-dollar capitalization cryptocurrency in the last 24 hours.
What happened: The ‘original meme coin' was up over 15% as of this writing, with an 184% spike in 24-hour volumes. Dogecoin was the eighth-most traded cryptocurrency and the most traded meme token in the last 24 hours.
The jump was likely spurred by Tesla and Space X CEO Elon Musk’s grand introduction as the "co-founder of the Department of Government Efficiency," or DOGE, during Donald Trump's rally at Madison Square Garden.
With Trump's presidential odds on betting markets increasing by the day, investors appeared to be pricing in the likelihood of a ‘DOGE’ department under Musk in the next administration.
DOGE was up over 28% over the month, and 72.82% since 2024 began.
Based on the data from TradingView, DOGE's technical indicators flashed ‘Buy' signals.
The exponential moving averages (EMA) all pointed to ‘Buy’ as of this writing, indicating that Dogecoin’s current price is greater than the average values for these respective periods.
The Moving Average Convergence Divergence (MACD) indicator, which compares two EMAs to assess the momentum of the asset, also indicated a ‘Buy' signal.
Additionally, large transaction volume rose nearly 5% in the last 24 hours, according to IntoTheBlock, signaling increased interest from whales.
The net amount of DOGE entering cryptocurrency exchanges dropped 9% in the last 24 hours, reflecting a reduced desire to sell.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1662, up 15.65% in the last 24 hours, according to data from Benzinga Pro.
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