Dogecoin (DOGE) Emerges as the Best Performer among the Top 10 Cryptocurrencies by Market Cap

Dogecoin (DOGE) emerged as the best performer among the top 10 cryptocurrencies by market cap this Tuesday.

Dogecoin (CRYPTO: DOGE) emerged as the best performer among the top 10 cryptocurrencies by market cap on Tuesday.

Here's what happened to Dogecoin over the last 24 hours.

Dogecoin Price Action: DOGE traded 7% higher at $0.1705 over 24 hours. It traded 53% higher in the past 30 days.

Dogecoin rallied 13% from a $0.1521 low to a $0.1724 high in the past 24 hours. It retained around 7% of its gain within the day as it locked a price of around $0.17 by noon (UTC).

The digital asset's rally came with a 37% stronger trading volume than yesterday, as over $3.2 billion in DOGE moved between wallet addresses. Meanwhile, the latest developments brought the market cap of the 14.66 billion DOGE in circulation to $24.82 billion. Overall, the higher numbers elevated the volume-to-market cap ratio of the token to 12.76%.

Dogecoin also remained on a positive note in the longer timeframes. So far, it is up by over 1% in a week, 53% in a month, and 136% in a year. However, it's still approximately 76% down from its all-time high of $0.7376 three years ago.

Dogecoin Technical Analysis: TradingView's technical indicators somehow aligned with Dogecoin's bullish trajectory. The analytics platform's commonly used oscillators and moving averages all pointed to an overall "Strong Buy" signal for the token across the daily, weekly, and monthly charts.

In addition, a new pattern playing out in the background is harmonizing with the renewed optimism toward DOGE. A closer look at the simple moving averages (SMAs) of the dog-themed coin between the 50-day and 200-day range shows a "golden cross" playing out.

For context, a "golden cross" happens when the 50-day SMA intersects with the 200-day SMA on the way up. The crossover of these two indicators suggests a positive momentum that could possibly lead an asset toward a bullish trajectory.

Dogecoin Hype: The technical charts certainly paint a promising trajectory for Dogecoin in the near future. However, it should be noted that meme coins are usually driven by hype more than what the analytical tools have to say.

Once again, its rally coincided with Tesla (NASDAQ:TSLA) CEO and X owner Elon Musk's remarks during an appearance on the Joe Rogan Experience podcast. Along the way, the billionaire entrepreneur discussed his vision of establishing a Department of Government Efficiency (D.O.G.E.) in the event that former President Donald Trump becomes successful in his second bid for the Oval Office.

As expected, the DOGE community seemed pleased with his comments. Add to that the interesting scenario brought about by a potential Trump victory.

Besides DOGE, Musk's positive comments also benefited other animal-themed meme coins like ApeCoin (CRYPTO: APE), Mog Coin (CRYPTO: MOG), Shiba Inu (CRYPTO: SHIB), and Bonk (CRYPTO: BONK) on Tuesday.