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Dogecoin, the famous dog-themed meme coin, has sugged significantly this week. The cryptocurrency rallied over 50% in the last seven days, replicating moves similar to its behavior in the previous bull run. Data from CoinmarketCap shows DOGE is back among the top 10 cryptos, trading for $0.128, with a market cap of $18.34 billion.
DOGE’s rally is comparable to its behavior four years ago, when Elon Musk, the owner of X, openly supported the meme coin. Musk made several comments that triggered Dogecoin’s rally in the previous bull run, forming the tailwind for the crypto’s rise to prominence.
Following DOGE’s latest surge, many crypto users are watching whether the X owner will play a role in the meme coin’s resurgence. If that happens, many crypto users will ponder how far DOGE would go this time.
In 2020, Musk’s comments were inclined toward his support and purchasing of Dogecoin. He also touted the possibility of his electric car manufacturing company, Tesla, accepting the meme coin for payments. With such comments, the renowned investor attracted the interest of many crypto users, raising their hopes for DOGE.
Musk’s support for DOGE was the source of the massive fear of missing out (FOMO) that drove its rise. Demand rose for the meme coin, leading to several phases of astronomical rallies. DOGE became one of the highest performers in 2020 after recording an astonishing return of more than 28,000% in five months.
Musk’s crypto inclination continues with his social media platform, X, reportedly partnering with Stripe to introduce crypto payments. Initial reports show that the social media platform will start making payouts with USDC before adding other cryptocurrencies.
DOGE has gained over 76% this month, rallying to price levels last seen in 2022, according to data from TradingView. Many users expect the meme coin’s resurgence to continue as they look out for positive reactions from one of the most significant influencers the crypto market has ever seen.
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