Dogecoin (DOGE) Continues to Garner Attention Across the Crypto Market

Dogecoin (DOGE) continues to garner attention across the crypto market after outperforming all the top ten largest cryptocurrencies by market capitalization

Dogecoin (CRYPTO: DOGE) continues to steal the limelight in the crypto market after outperforming all the top ten largest cryptocurrencies by market capitalization with a 167% monthly gain. Now, one analyst on TradingView is predicting an upcoming all-time high for the largest meme coin.

According to Ali Charts on TradingView, DOGE appeared to be breaking out of a bull flag. Once this breakout happens, DOGE could rally 120% towards an ATH.

“DOGE is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as the $0.37 support holds,” the analyst stated.

His prediction comes as bullish sentiment around Dogecoin spiked yet again. DOGE traded at $0.385 at press time after a 3% gain in 24 hours. Trading volumes had also increased by more than 29% per CoinMarketCap.

On the Binance exchange, 73% of traders with open positions on Dogecoin were going long. This showed that traders were betting on Dogecoin’s uptrend more than short sellers were betting on a price decline.

One factor that could be fueling the bullish narrative around Dogecoin is Tesla (NASDAQ:TSLA) CEO Elon Musk’s continued mention of the token.

Elon Musk Revives “Dogefather” Title

Musk reiterated that he is the “Dogefather” in a recent post on Twitter (NYSE:TWTR). The billionaire first assumed this name in 2021 during a Saturday Night Live (SNL) show, after which the price of DOGE rallied to an ATH of $0.73. At its current price, DOGE is 47% shy of this record high.

Musk’s recent post is in response to his recent appointment by U.S. President-Elect Donald Trump as a co-leader of the Department of Government Efficiency (D.O.G.E) alongside Vivek Ramaswamy.

In a statement, Trump said that Musk and Ramaswamy will abolish government bureaucracy, oversee government spending, streamline regulations, and re-organize federal agencies through this department.

“Republican politicians have dreamed about the goals of “DOGE” for a very long time,” read a statement from Trump. Prior to the November 5 elections, Trump vowed to be pro-crypto and help the U.S. crypto industry thrive with regulation.

Trump’s pro-crypto stance and the acronym of this government department have largely been attributed to Dogecoin’s recent positive performance. Notably, besides DOGE, other dog-themed meme coins have also rallied. Shiba Inu (CRYPTO: SHIB) is up 14% in two weeks, while floki Inu (CRYPTO: FLOKI) has gained by 99%.