Dogecoin, a popular meme-based cryptocurrency, has experienced a significant surge in value recently, outperforming other meme coins and major cryptocurrencies alike. As of now, Dogecoin’s market cap stands at $21.2 billion, with a price of $0.145 per token. The rally began on October 15 and was triggered by Elon Musk’s Tesla transferring $750 million worth of Bitcoin into new wallets. While not directly related to Dogecoin, the move sparked speculation that Tesla might be investing in DOGE as well. Additionally, Musk briefly mentioned Dogecoin during a town hall meeting on October 17 in Folsom, Pennsylvania, further fueling the enthusiasm around the coin.
With continued growth and fear of missing out (FOMO) among investors, the price could approach the $0.2 mark for the remainder of October if there is no retracement to test the resistance at $0.14 first before resuming its upward trend.
