- Dogecoin has recently skyrocketed by over 800%, causing much sensation in the crypto community.
- Traders began to pump on the coin from January 28.
- Tesla CEO Elon Musk made a Vogue cover parody, showing support for Dogecoin.
Dogecoin has recently stolen the spotlight from all major cryptocurrencies, as it just made an 800% gain. With this, Tesla CEO Elon Musk posted a tweet, apparently showing his support for Dogecoin.
The tweet is a parody of the cover page of Vogue magazine, a publication popular among fashion enthusiasts.
Elon has been a staunch supporter of Dogecoin, albeit in a comical way. In fact, he maintained that Dogecoin is his favorite crypto. Moreover, he jokingly declared before on his Twitter profile that he was the former CEO of Dogecoin. Now, however, he put #bitcoin on his Twitter profile.
Yesterday, Dogecoin started to gain more than 50%. Immediately, crypto traders picked up the scent and started to pump hard. At the moment, DOGE is posting at least an 800% gain.
As the chart shows, DOGE made a ridiculous pump after becoming dormant for many months. At the time of writing, the DOGE price is at $0.075102, according to CoinGecko. Consequently, Dogecoin made it to the #7 ranking on CoinGecko, outranking Chainlink and even Litecoin.
However, the Relative Strength Index (RSI) shows that DOGE is already overbought. After being static for many months, no one can tell for sure how long the price pump will last.