Meme coins Dogecoin and Shiba Inu are on double-digit gains in the past 24 hours, leaving many holders in gains overnight. Dogecoin, often hailed as the king of meme cryptocurrencies, has led this rally with a 16% increase in 24 hours, quickly breaking through significant resistance levels at $0.15 and $0.16.

The rally isn’t limited to DOGE alone. Shiba Inu, another popular meme coin, has also benefited from the positive sentiment in the market, recording an approximate 10% gain within the same timeframe.

This surge in the prices of Dogecoin and Shiba Inu can be attributed to recent dynamics in the US election landscape, which have spurred broader interest in the cryptocurrency market. Interestingly, this interest has also pushed Bitcoin to now trading at a six-month high above $71,000.

While speaking at a Trump rally held on Sunday in New York’s Madison Square Garden, Musk made a brief speech during which he made a reference to something he called the Department of Government Efficiency. The term, seemingly random at first, has sparked considerable attention among meme coin fans, particularly Dogecoin enthusiasts. 

When abbreviated, ‘Department of Government Efficiency’ spells out DOGE, aligning perfectly with Dogecoin’s ticker symbol. This connection has taken hold in the meme coin community since Musk first coined the term in early October, with many of them expecting a substantial rally if Donald Trump were to win the upcoming election. 

The excitement was amplified shortly after Musk’s appearance at the rally, when he posted a meme on social media platform X later that day featuring himself alongside the iconic DOGE avatar. 

pic.twitter.com/y0UCd5NvMj

— Elon Musk (@elonmusk) October 28, 2024

This playful nod to the Dogecoin avatar, which current has over 56.4 million views on the platform, sent social media into a frenzy, with many meme coin supporters banking on the post as renewed support for DOGE. The ripple effects were immediate, as Dogecoin experienced a rally that quickly spread to other meme assets, including Shiba Inu, Pepe, and Dogwifhat.

As of the latest data, Dogecoin is trading at $0.1649, having reached an intraday high of $0.1683 in the past 24 hours. Interestingly, DOGE is now up by about 16% in this timeframe, which is arguably one of its best performances since April. 

Dogecoin bulls are attacking the $0.17 price level with the aim of a significant break to the upside. Technical analysis indicates that DOGE’s latest rally has formed a breakout from a bull flag pattern on the 4-hour chart, a bullish signal suggesting continued gains. Crypto analyst Ali Martinez noted a price target of $0.175.

As it stands, Dogecoin’s price activity is attracting attention due to its association with Elon Musk and, indirectly, with the U.S. presidential race. If Dogecoin traders were to keep up the momentum, this could see the bulls attacking its 2024 high of $0.22 before the end of the year.

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