TL;DR

• Dogecoin surged 10% daily, with speculation linking the rally to Elon Musk, while analysts predict potential further gains.
• Despite the rise, its RSI over 70 suggests that the coin may be overbought and due for a pullback.

Is DOGE Ready to Skyrocket?

The leading meme coin is among the crypto sector’s top performers today (October 16), recording a 10% price spike. It currently trades just south of $0.13, while its market capitalization surpassed $18.6 billion.

DOGE’s latest rally could be attributed to the overall revival of the industry, where Bitcoin (BTC) exceeded $67,500. On the other hand, other well-known meme coins have struggled to keep pace, witnessing more modest price increases.

As such, some industry participants suggested that Dogecoin’s resurgence could have some connection to Elon Musk. To the uninitiated ones, Tesla’s CEO and one of the wealthiest people on the planet, is a huge proponent of the meme coin, often praising its merits. X user Bluntz was one of those supporting that theory:

$doge going mental today while all the other memes have been sliding.

somethings cooking and i cant help but feel its something elon related