The meme coin sector has exploded faster than most people thought was possible this week, and OG joke token Dogecoin has led the rally.
It’s up 111% in the past seven days. Is it too late to buy, or is DOGE about to reach new heights?
DOGE Cup-and-Handle Pattern Breakout
Dogecoin has a $59 billion market cap at a price of $0.4, so it might seem overzealous to predict another 7.5x price hike to $3.
Yet, its higher time frame price chart indicates that this target is very much in play.
Analyst Milkybull recently tweeted that Dogecoin has formed a cup-and-handle pattern on the monthly time frame.
Typically, the higher the time frame, the better the hit rate on chart patterns, which is good news for DOGE enthusiasts.
The analyst uses the Fibonacci Retracement tool to predict how far the forthcoming rally could push DOGE, to which he got the targets $1 and $3.
Indeed, $1 is also a psychologically crucial level for Dogecoin – it was a meme in and of itself even before it was a legitimate target.
As such, it’s unsurprising that the chart structure sets $1 as a resistance level since there will likely be a lot of trading activity at that point.
Elon Tweet Sparks Dogecoin Rally
It feels like 2021 again – Dogecoin’s surge is thanks to Elon Musk.
Musk will lead a new division in the US government called Department Of Government Efficiency (D.O.G.E).
Given its acronym mimics Dogecoin’s ticker symbol, Musk has had fun on X tweeting about it.
Musk’s tweets – plus the knowledge that he’s taking a position in DC – are shining a lot of light on Dogecoin.
Most recently, he tweeted a cartoon logo for Department Of Government Efficiency, alongwith “DOGE” and what appears to be a smiling Shiba Inu mascot.
The tweet has amassed a staggering 80 million impressions.
Just like in 2021, Musk is tweeting about Dogecoin in a bull market. Only this time, he might be doing it from the Whitehouse.
With that, it’s not too late to buy DOGE – there are still a lot of potential gains on the table.
But as the Dogecoin price rises, a lot of traders are rotating wealth into smaller meme coins, which could grow at a faster rate.
One project that has seen significant growth this week is Crypto All-Stars.
Stake DOGE With Crypto All-Stars’ MemeVault
Crypto All-Stars holders not only benefit from the $STARS price going up, but they can also earn passive rewards on meme coins like Dogecoin and Shiba Inu.
Crypto All-Stars is a meme coin with its own staking application, MemeVault. It’s an industry first, aiming to change the way traders interact with meme coins.
It’s a multi-chain, multi-token staking locker that supports 11 of the top meme coins. It uses Ethereum’s ERC-1155 token standard and has been audited by Coinsult and Solid Proof to ensure its robustness.
As mentioned, users must hold $STARS to access the platform, but their rewards are proportional to how much they have.
This means holders of all the top meme coins ding for will now be competing for the same meme coin.
With that in mind, Crypto All-Stars separates itself from Dogecoin and most other meme coins through tangible utility.
All of this has drawn massive attention to the project, which is undergoing a presale and has raised $3.6 million so far. Recently, ClayBro told his 130K YouTube subscribers $STARS is “set to soar.”
He highlighted that Crypto All-Stars even has native staking for the $STARS token and that it’s already live.
It currently provides a 456% APY, but this will decrease over time.
Visit Crypto All-Stars Presale
This article is not intended as financial advice. Educational purposes only.
