Dogecoin (DOGE) is currently the best-performing cryptocurrency among the top 100 projects by market cap. The original memecoin has rallied by 4.5% in the last 24 hours, 23.9% in the weekly charts, 43.6% in the 14-day charts, 40.2% in the monthly charts, and 151.2% since late October 2023.
Also Read: Bitcoin: BlackRock Buys $322 Million BTC: New Peak Incoming?
Why Is Dogecoin Rallying?
DOGE’s latest rally comes amid Bitcoin’s (BTC) climb to the $72,000 price point, a level last seen in March of this year, about seven months ago. BTC is currently only 2.1% away from its all-time high of $73,737.94.
Dogecoin (DOGE) began its upward trajectory after Elon Musk expressed his desire to establish a Department of Government Efficiency (D.O.G.E.) under the Donald Trump administration if he wins the upcoming election.
Investors and market participants may anticipate a Trump victory and taking positions, with DOGE being a top choice. Many analysts predict a market-wide rally if Trump takes charge of the Oval Office.
Also Read: Russia Officially Launches the Roadmap For De-Dollarization
Will The Memecion Hit A New All-Time High?
While BTC is only 2.1% away from its all-time high, DOGE is down by 76.3% from its peak of $0.7316, achieved in May 2021, over three years ago.
According to CoinCodex, DOGE may face a correction over the next few weeks. The platform anticipates the asset’s price to dip to $0.148897 on Nov. 16, 2024. A dip of about 13.63% from current price levels would result.
Over the next few weeks, changelly analysts present an even more bearish outlook for Dogecoin (DOGE). The platform predicts DOGE will dip to around $0.10 by Nov. 10, 2024. Dipping to $0.10 from current price levels will entail a fall of about 41.18%.
There is a possibility that Dogecoin (DOGE) will continue its upward momentum over the next few weeks, as predicted by CoinCodex and Changelly.
Also Read: Shiba Inu: By When Can You Turn $1000 Of SHIB To $500,000?
If Donald Trump wins the US Presidential election, DOGE may surge to new highs, given that Elon Musk is one of DOGE’s most significant supporters and one of Trump’s biggest donors.
Credit: Source link