The Dogecoin (DOGE) price has witnessed a significant uptick in the last 24 hours as digital tokens lost their momentum gained from the Ripple partial court victory, earlier this month.
The cryptocurrency market kicked off the week on a somewhat lackluster note, with Bitcoin (BTC) slipping below the crucial $30K mark and Ethereum (ETH) trading below the $1,900 level. To make matters worse, some of the top altcoins were also trading lower.
As a result, the global crypto market cap was trading lower, hovering around $1.19 trillion and experiencing a 0.71% drop in the last 24 hours. Experts believe that this could be due to the looming Federal Open Market Committee (FOMC) interest rate decision, which is causing some uncertainty and volatility in the crypto markets.
According to Edul Patel, the CEO at Mudrex, the recent price decline could also be attributed to US SEC chair Gary Gensler expressing disappointment with the defeat over XRP’s case, which has led to an increase in selling pressure. Patel cautions that we may see little volatility this week as the FOMC’s decision on interest-rate policy is due on Wednesday and could have a significant impact on the crypto markets.
Dogecoin Jumps Following Elon Musk’s Tweet
Despite falling prices, DOGE has been rallying. Dogecoin had originally recorded an increase of over 6% on the day, increasing to levels not seen since early May, when it had started to decrease gradually, falling to as low as $0.059 on June 10.
According to CoinMarketCap, DOGE is up more than 3% in the last 24 hours to hover at $0.074. Whereas, over the past seven days, the popular meme coin increased by nearly 5%. Interestingly, the pump arrived shortly after Musk announced the change of the social media platform’s iconic bird logo in a short video teaser and changed his profile picture to a white X on a black background.
— Elon Musk (@elonmusk) July 23, 2023
On July 24, 2023, Musk changed his Twitter location to “X Ð,” where “X” is the new logo of Twitter and “Ð” is the symbol for Dogecoin. At the same time, Twitter’s new chief executive, Linda Yaccarino, also made multiple posts announcing the change.
X is here! Let’s do this. pic.twitter.com/1VqEPlLchj
— Linda Yaccarino (@lindayacc) July 24, 2023
Will DOGE Pump More?
Furthermore, several crypto analysts ‘noted the recent price action suggests the dog-themed cryptocurrency is likely heading toward another breakout. The digital token seems to be forming a very emphatic setup that may see its price print its second-biggest price jump of all time.
I'll be looking at a sustained monthly close above $0.80 for confirmation. pic.twitter.com/RVgymwIhtK
— Ali (@ali_charts) July 23, 2023
As per the on-chain market analyst, “Ali_Charts,” Dogecoin has formed a descending triangle on the monthly chart. The analyst pointed out that the last time such a setup was formed, the meme coin shot up by more than 23,200%.