Under the leadership of Dogecoin, many memecoins are on the rise today, while DOGE has recorded an increase of about 25 percent in the last 24 hours, according to CoinGecko data.
DOGE has gained about 25 percent in the last 24 hours, according to CoinGecko data. With this rise, DOGE took its place in the list of the highest risers. So why is DOGE rising? What is the reason for the rise in DOGE? Let’s try to find it together in this article.
Why is DOGE Rising?
Leading memecoin Dogecoin (DOGE), which has rallied without price correction in the rest of the market over the past 24 hours, has also rallied significantly. Following the completion of Elon Musk’s acquisition of social media giant Twitter, the community reflected this on the Dogecoin chart. The price of the token that Elon Musk loves has been on the rise ever since.
DOGE’s daily chartWhen we look at DOGE’s chart, as we said in our previous analysis, the heaviest purchases after August took place last week. High volume purchases and whale movements in DOGE were reflected in the price, playing a role in the most popular memecoin passing $0.10. On the Dogecoin chart, the RSI is currently overbought in the 80-100 band. As we mentioned in our previous analysis, while the indicators point to a correction, the situation is not much different now, so it is better to be careful.
Besides DOGE, it is possible to talk about the rise in memecoins today. FLOKI rose 81 percent, ELON 84 percent, and KISHU 79 percent.
