Dogecoin’s 8% Surge: Is Elon’s DOGE Tweet Igniting a Meme Coin Frenzy?
Dogecoin jumps 8% to $0.232, fueled by Elon Musk’s cryptic tweet and ETF buzz. Can DOGE break $0.26 and soar to new heights? Uncover what’s driving this meme coin’s wild ride!
Dogecoin (DOGE) spiked 8% on Wednesday, May 21, 2025, hitting $0.232, as reported by CoinGecko. The rally coincides with a tweet from Elon Musk, Tesla’s CEO, who hinted at his “Department of Government Efficiency” (DOGE) initiative, sparking speculation among crypto fans. Though unrelated to the cryptocurrency, the acronym overlap reignited excitement for the meme coin, which thrives on social media hype. Meanwhile, the U.S. SEC delayed decisions on Dogecoin ETFs proposed by Grayscale and 21Shares, yet trading volume surged 12%, reflecting strong investor interest.
What’s driving this? Bitcoin’s climb past $105,000 has lifted altcoins, with DOGE outpacing top coins like Ethereum and XRP. Technical patterns, like a bullish flag on DOGE’s chart, suggest a potential run to $0.26 or higher, per analysts like Carl Moon. However, DOGE’s history of sharp corrections warns of risks—its price dropped 8.7% after hitting resistance at $0.23. For new investors, DOGE’s low price and community buzz are tempting, but volatility demands caution. Could Musk’s influence and ETF hopes push DOGE to new highs, or is this another fleeting pump?
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The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
