The OG meme cryptocurrency, Dogecoin (DOGE), has been a top-performing asset throughout the past couple of days. The meme coin was condemned for its sluggish price movement over the last few years, but DOGE was seen reinventing itself with its latest performance. However, the community remains weary as the volatile nature of the market could impact the price of the asset.
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Looking Into Dogecoin’s Surge
Dogecoin witnessed an 85% spike in the previous week. This surge was linked to Donald Trump’s win in the US presidential election. Elon Musk’s participation in Trump’s campaign has rekindled interest in Dogecoin. Musk is launching the “Department of Government Efficiency” (DOGE), an initiative to cut waste and streamline US government operations.
The OG meme coin surged to a high of $0.3011 from a low of $0.2393. At press time, Dogecoin was trading at $0.291, following an 18% rise over the past 24 hours.
In addition, Dogecoin’s daily volume witnessed a triple-digit rise. The meme coin’s 24-hour volume stood at $18.78 billion after surging by 164%.
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40 Cents Incoming?
The world’s first meme coin entered the market as a joke. But DOGE went on to bring in several gains for its investors. Dogecoin continues to remain 60% below its all-time high of $0.7376 despite its latest price surge.
According to CoinCodex, Dogecoin is expected to trade at the same level over the next couple of days. The asset will trade at around $ 0.292582 on November 15. It looks like the meme coin will take a while to move beyond the $0.30 zone towards $0.40.
While Dogecoin has been making notable changes in its price, the asset continues to lack utility might be a problem later. This could impact the cryptocurrency’s growth.
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