The leading canine-themed cryptocurrency, Dogecoin (DOGE), today overtook Ripple-promoted XRP and Circle’s USDC stablecoin to become the sixth-most valuable crypto in the world. DOGE’s upsurge is fueled by positive sentiment around the crypto’s endorsement by tech billionaire Elon Musk following Donald Trump’s landslide win in the U.S. Presidential elections.
With Musk having Trump’s ear, investors are speculating Dogecoin could emerge as a standout beneficiary.
Dogecoin Hits Highest Price Since 2021
Dogecoin is now up 28.8% in the past 24 hours alone, and is up an eye-watering 78.3% over a seven-day period. At press time, the Shiba Inu-represented crypto is changing hands for around $0.2641 — its highest level since November 2021.
DOGE is now valued at roughly $38.5 billion, while XRP is ranked eighth at around $34 billion, per CoinGecko. For comparison, Bitcoin remains king with a market capitalization above $1.57 trillion. The Doge project has also unseated the USDC stablecoin, which currently boasts a market value of approximately $37 billion.
Is A Parabolic Rally To $20 DOGE Underway?
Popular analyst Ali Martinez has suggested that Dogecoin is on the verge of a meteoric price spike.
Martinez pointed out that based on historical patterns, a potential Dogecoin top might be at the 1.618 and 2.272 Fibonacci levels. Based on past bull cycles, the pundit forecasts that DOGE could potentially reach $3.95 to $23.26 if similar momentum follows.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
Meanwhile, with eccentric X owner Musk now likely having influence in the Trump administration, Dogecoin’s future prospects look promising.
Elon Musk And DOGE
The price of Dogecoin has more than doubled over the last month, rising 136% during that span amid renewed hype due to Dogefather Elon Musk repeatedly speaking about the proposed Department of Government Efficiency (D.O.G.E.) agency, which aims to cut government spending. The agency’s acronym, D.O.G.E., mirrors Dogecoin’s ticker name, sending the O.G. meme coin’s price soaring.
The Tesla and SpaceX CEO has long been associated with Dogecoin, declaring himself a big fan of the coin and frequently buoying the token’s price with his social media posts and appearances.
President-elect Trump had already said pre-election that he would tap the tech titan to lead the D.O.G.E office. Now, with Trump’s win secured and the wider crypto market blasting off on the back of the Republican frontrunner’s handful of crypto industry promises, Dogecoin traders and investors have been whipped into a craze as they anticipate the meme coin’s ticker to become a part of the Executive Branch under Musk for years to come.
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