Dogecoin (DOGE) is currently the second best performing cryptocurrency on the weekly chart among the top 100 projects by market capitalization. The original meme coin is up 2.9% in the past 24 hours, 32.6% on the weekly chart, 27.3% on the 14-day chart, 38.4% month-over-month, and almost 144% since October 2023.
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Factors driving Dogecoin’s rise
Source: CoinGecko
Why is Dogecoin rising?
The cryptocurrency market appears to be recovering from the decline earlier this month. Bitcoin (BTC) is inching closer to the $70,000 level. Other assets are also in the green zone, following October’s bullish historical trend.
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DOGE’s recent rally may be a result of Elon Musk’s appearance at City Hall on October 17th in support of Donald Trump for president. Musk also wants to create a Department of Government Efficiency, also known as DOGE.
Many analysts expect the overall market to rise if Trump wins the 224th election. Mr. Musk is one of Mr. Trump’s most important supporters, and given Mr. Trump’s victory, investors may expect Dogecoin to rise.
Will Memecoin reach $0.20?
CoinCodex analysts do not expect DOGE to continue its upward momentum. The platform predicts that the asset will face a correction in the coming days, dropping to $0.123 on October 31, 2024. A drop of $0.123 from the current price level would represent a decline of approximately 16.89%.
Source: CoinCodex
Changelly analysts have a more bearish outlook on DOGE. The platform predicts that DOGE will trade at $0.104 on October 31, 2024. A drop of $0.104 from current price levels would represent a decline of approximately 29.7%.
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Source: Changely
Dogecoin (DOGE) is likely to continue rising given the US presidential election is approaching. Investors may start positioning for a Trump victory, which could help keep DOGE growing.
