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Dogecoin (DOGE), the first major meme cryptocurrency to power a decentralized Layer-1 blockchain, hit a one-year high of $0.1051 on Tuesday due to news related to Elon Musk's AI startup X.AI.
X.AI is Musk's new artificial intelligence initiative, which he announced earlier this year at the same time as he rebranded Twitter as X Corp.
Musk's support for Dogecoin and hints that the meme coin could play a role in his plans related to Twitter and X.AI are among the factors that have triggered this increase in DOGE's price.
Dogecoin is also benefiting from the positive sentiment in the crypto market overall. Bitcoin's rally above $44,000 on Tuesday, its highest level since April 2022, supports the overall bullish trend in the crypto market.
DOGE is up over 12% this month and over 60% from October lows.
Dogecoin's technical indicators are seen to be strong, breaking above the long-term pennant structure in early November and finding consistent support above the 21-day moving average in recent weeks. #ContentStar