Dogecoin (DOGE) currently outperforms the top 10 crypto projects by 7.5% on the daily chart, 23.1% on the weekly chart, 23.8% on the 14-day chart, 31.6% m/m, and 123% since October 2023. It’s rising. Most projects in the top 10 are flashing red on the daily time frame, with Bitcoin (BTC) only up 0.7% in the past 24 hours.
Also read: How to get Cardano testnet tokens?
Factors behind Dogecoin’s recent surge
Source – Stormgain
Why is Dogecoin rising?
Source: CoinGecko
DOGE’s current rise may be due to Elon Musk’s $75 million endorsement of Donald Trump. The tech billionaire is one of President Trump’s most important supporters.
Musk is also one of DOGE’s biggest supporters. Many analysts expect the overall market to rise if President Trump wins the next election. Given that Mr. Musk may be a beneficiary of the Trump administration, DOGE could witness large rallies.
Also read: Dogecoin rises 17% after Musk’s tweet: Should you buy Doge?
Musk also proposed creating a new department called the Department of Government Efficiency, which falls under the acronym DOGE.
Could the original meme coin reach 50 cents?
Source – Token Metrics
Once President Trump enters the Oval Office, another bull market could begin. Many assets, including DOGE, have hit new all-time highs, and the euphoria of 2021 may return.
If Trump wins the upcoming election, Bitcoin (BTC) could soar to $125,000, according to analysts at Standard Chartered. If BTC reaches $125,000 from its current price level, it would represent an increase of approximately 84%. Assuming Dogecoin (DOGE) also rises at the same pace, the price could reach around $0.243984.
Also read: Ethereum: Is $3,000 ETH still possible in 2024?
CoinCodex analysts have a bearish outlook for DOGE in the coming weeks. The platform expects the meme coin to trade at $0.114839 on November 5, 2024, the day of the election. A drop of approximately 13.3% from the current price to $0.114839.
Source: CoinCodex
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