Dogecoin, the largest and perhaps the most popular meme cryptocurrency, has seen a massive upside over the past week, reviving optimism of a potential memecoin-led rally. At press time, Dogecoin was hanging hands for $0.1431, marking a 24% hike over the last week alone.

The strong upside price action has led some analysts to lay out a bullish roadmap for Dogecoin. They believe the prevailing market conditions are favorable and could set DOGE for further gains.

Is Dogecoin Gearing Up For Another Historic Rally?

Popular crypto trader Bluntz recently took to X to tell his followers that Dogecoin appears bullish in all time frames. Bluntz shared a chart indicating that DOGE has broken out of a six-month-long diagonal resistance.

“Looks to me like DOGE is sucking liquidity out of the entire meme ecosystem right now,” Bluntz wrote. “Nothing looks as bullish to me as DOGE does on all the timeframes. DOGE used to do this in altseasons past where it would run hard and nothing else would move. Definitely having a deja vu moment.”

Therefore, if history repeats, DOGE might witness another historic surge. With its latest upsurge putting DOGE at a four-month high, such a meteoric rally would propel the meme coin to new highs.

The original meme cryptocurrency, launched in 2013 as a parody of Bitcoin, has retained a coveted spot among the top 10 most valuable cryptocurrencies. As of publication time, DOGE is valued at $20.9 billion. For comparison, Dogecoin is now more valuable than Nippon Steel, the largest Japanese steelmaker, and Suzuki Motors, one of Japan’s largest auto companies. 

The price spike follows recent speculation about whether Dogecoin could start barking at the Moon again, which would make the pipe dream of reaching the highly coveted $1 level a reality during this cycle. 

The Elon Musk Factor

Dogecoin has clearly outperformed top-ranking competitors like Bitcoin and Ethereum recently, thanks in large part to Tesla/SpaceX billionaire Elon Musk.

Musk gave a speech at a town hall endorsing Donald Trump for the United States presidential election next month. During the event, Musk reiterated the proposal of a Department of Governmental Efficiency agency, which is cleverly abbreviated as D.O.G.E — which is Dogecoin’s official ticker.

The X owner revealed over the weekend that he’s not “actively involved” in crypto; he just likes Dogecoin.

“I’m actually not actively involved in crypto,” he said. “I make Dogecoin jokes and stuff because I just kind of like Dogecoin — because it’s got the best sense of humor and it has dogs and memes, and I love all those things.”

Musk, the self-proclaimed “Dogefather,” has a history of moving Dogecoin’s price through his tweets and public remarks. The Musk association gives traders some confidence that DOGE may secure the promo it needs to rally soon.