Dogecoin (DOGE) is currently outperforming the top 10 cryptocurrency projects, rallying 7.5% in the daily charts, 23.1% in the weekly charts, 23.8% in the 14-day charts, 31.6% over the previous month, and 123% since October 2023. Most projects in the top 10 are glowing red in the daily time frame, and Bitcoin (BTC) is up by only 0.7% in the last 24 hours.
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Factors Driving Dogecoin’s Recent Surge
Why Is Dogecoin Up?
DOGE’s current rally could be due to Elon Musk’s latest $75 million endorsement for Donald Trump. The tech billionaire is one of Trump’s most significant supporters.
Musk is also one of the biggest DOGE supporters out there. Many analysts anticipate a market-wide rally if Trump wins the upcoming elections. DOGE could witness a massive rally, given that Musk may benefit from a Trump administration.
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Musk has also proposed a new department called the “Department of Government Efficiency,” which falls under a DOGE acronym.
Can The Original Memecoin Hit 50 Cents?
If Trump enters the Oval Office, we may enter another bull run. We may witness another 2021-like euphoria, with many assets, including DOGE, hitting new all-time highs.
According to analysts at Standard Chartered, Bitcoin (BTC) could surge to $125,000 if Trump wins the upcoming elections. BTC hitting $125,000 from current price levels will translate to a rally of about 84%. If we assume Dogecoin (DOGE) also rallies at the same pace, it could hit a price of about $0.243984.
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CoinCodex analysts are bearish on DOGE over the next few weeks. The platform anticipates the memecoin to trade at $0.114839 on Nov. 5, 2024, the day of the election. Hitting $0.114839 from current prices will translate to a dip of about 13.3%.
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