Dogecoin has once again made headlines as its value surged by 3% in the past 24 hours. The coin reached $0.089260 amidst an 8% increase in the overall cryptocurrency market. This increase can be attributed to the ongoing support of the coin by tech mogul and billionaire Elon Musk. He recently posted an adorable photo of his Shiba Inu dog – the official mascot of Dogecoin – on Twitter.
The photo sparked discussions about the possibility of Musk investing more in cryptocurrency, leading to increased excitement within the Dogecoin community. However, the rise in value for DOGE is not as significant as other major tokens. This indicates Musk may not have bought more of the meme coin.
Despite this, DOGE’s indicators suggest that further gains could be on the horizon. Its relative strength index (RSI) has climbed from 40 a few days ago to nearly 60 today, signaling that the altcoin isn’t overbought yet and could potentially see more growth in value.
Dogecoin’s Growing Mainstream
As the crypto market continues to evolve, Dogecoin is growing mainstream. The increasing demand for digital assets as a valuable investment makes it an exciting prospect for investors.
With Elon Musk’s vocal support, Dogecoin is fast becoming a household name. It has made headlines in mainstream media outlets and attracted attention from investors around the world. The future looks bright for this once-joke cryptocurrency, and investors are eagerly anticipating what’s in store for the digital currency in the coming months.