Dogecoin ($DOGE) Price Could Skyrocket 23,000% if It Repeats Historic Pattern, Analyst Suggests

The meme-inspired cryptocurrency Dogecoin ($DOGE) has formed a chart pattern that suggests the price of the cryptocurrency may surge over 23,000%, akin to a rise it experienced last year when the same pattern was formed on its chart.

Timeline of Dogecoin

The PEPE price has tumbled by more than 45% from its monthly peak of $0.00000183 recorded on July 3. On-chain data hints that investors dumping PEPE for Dogecoin (DOGE) could hamper the chances of an early price recovery.

Dogecoin whales have made a significant splash in the crypto market in recent weeks, acquiring $225 million worth of DOGE coins, according to data from the on-chain analytics platform IntoTheBlock.

In the midst of Dogecoin's impressive surge over the past week, prominent crypto analyst Ali Martinez has shed light on some pivotal market trends. While Bitcoin and other heavyweight altcoins are experiencing a downturn, this canine-themed digital asset is barking up the right tree with a double-digit gain over the past week.

The meme-originated cryptocurrency, Dogecoin (DOGE), has once again outperformed the broader cryptocurrency market. This surge comes in the wake of rumors of a possible connection between the coin and Elon Musk's recently rebranded platform, "X," formerly known as Twitter.

The digital asset market may have been relatively quiet, but one cryptocurrency that stands out with a remarkable surge is Dogecoin. The surge can be attributed to Twitter CEO Elon Musk.

Crypto News: Twitter's rebranding to X is perceived by many as a risky move as Elon Musk plans to make the platform the ‘The Everything App' for the financial world. Because finance is centered around payments, which requires user trust and puts a lot at stake for Musk's brand reputation.

At the start of the week, Twitter ditched the bird logo for X in a rebrand that has sent the community buzzing, but amid the chatter, Dogecoin (DOGE) has ridden the wave to go on a strong rally.

Dogecoin price set out on an unexpected rally this week following Elon Musk's decision to rebrand the leading microblogging platform to X from its well-known Twitter brand. The billionaire said that X will extend its service scope to include digital payments, think of it as China's WeChat.

The latest price moves in bitcoin (BTC) and crypto markets in context for July 26, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

The boss of the popular Twitter blogging app that is now being rebranded into the laconic "X"—the future "everything app"—Elon Musk, has shared a video featuring the new "X" logo of the platform.