Dogecoin Could Surge 120% as Elon Musk Claims He’s the “Dogefather”
Dogecoin's bullish momentum could continue, as one social media analyst predicts that the coin could be close to hitting an all-time high (ATH).
Dogecoin (DOGE) continues to attract attention in the cryptocurrency market after surpassing all ten largest cryptocurrencies by market capitalization with a monthly gain of 167% .
According to Ali Charts on X, the largest meme coin by market capitalization appears to be breaking out of a bull flag pattern .
When this breakout happens, DOGE could increase by another 120% , reaching the ATH.
“DOGE is breaking out of a bull flag pattern, which suggests a 120% rally to $0.82, as long as $0.37 support holds,” the analyst noted.
The prediction comes as bullish sentiment surrounding Dogecoin is once again on the rise.
DOGE is trading at $0.385 at press time, after gaining 3% over 24 hours. Trading volume is also up more than 29% , according to data from CoinMarketCap .
On the Binance exchange , 73% of traders with open positions on Dogecoin are betting on a bullish trend, indicating that confidence in DOGE’s growth is more dominant than short sellers predicting a price decline.
Elon Musk reaffirms his role as “Dogefather”
One factor fueling the bullish narrative around Dogecoin is the continued mention of the token by Tesla CEO Elon Musk .
Musk reiterated that he is the “Dogefather” in a recent post on X. The billionaire first assumed the title in 2021 on Saturday Night Live (SNL) , after which the DOGE price surged to an ATH of $0.73 .
At current prices, DOGE is still 47% away from this record.
Musk's latest post is in response to his appointment by President-elect Donald Trump as co-head of the Department of Government Efficiency (DOGE) , alongside Vivek Ramaswamy .
In a statement, Trump said Musk and Ramaswamy would be tasked with eliminating government bureaucracy, overseeing spending, controlling regulations and restructuring federal agencies through the agency.
Trump's crypto-friendly stance and the government agency's acronym are believed to be key factors behind Dogecoin's recent positive performance.
Additionally, other dog-themed meme coins have also surged in price. Shiba Inu (SHIB) has gained 14% in two weeks, while FLOKI (FLOKI) has gained 99% .