CoinJ.com reports:
Dogecoin (DOGE) is currently outperforming the top 10 cryptocurrencies, with a 7.5% increase on the daily chart, a 23.1% increase on the weekly chart, a 23.8% increase on the 14-day chart, a 31.6% increase on the monthly chart, and a 123% increase since October 2023. Most of the projects in the top 10 have been in the red within the daily time frame, with Bitcoin (BTC) only experiencing a 0.7% increase in the past 24 hours.
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Driving factors behind the recent surge of Dogecoin
Source: StormGain
Why is Dogecoin rising?
Source:
CoinGecko
The current rebound of DOGE may be attributed to Elon Musk’s recent $75 million support for Donald Trump. The billionaire technologist is one of Trump’s most important supporters.
Musk is also one of the biggest supporters of DOGE. Many analysts expect that if Trump wins the upcoming election, the entire market will experience a rebound. Considering Musk’s potential benefits from a Trump administration, DOGE may witness a large-scale rally.
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Musk has also proposed the establishment of a new department called the “Department of Government Efficiency,” abbreviated as DOGE.
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Source – Token Metrics
If Trump enters the Oval Office, we may enter another bull market. We may see another boom similar to 2021, with many assets including DOGE reaching new all-time highs.
Analysts at Standard Chartered Bank state that if Trump wins the upcoming election, Bitcoin (BTC) could surge to $125,000. A BTC price level of $125,000 from the current level would represent an approximately 84% rebound. If we assume that Dogecoin (DOGE) also rises at the same pace, it could reach a price of approximately $0.243984.
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CoinCodex analysts hold a bearish outlook on DOGE for the coming weeks. The platform projects a trading price of $0.114839 for DOGE on the day of the 2024 November 5th election. A drop to $0.114839 from the current price would mean a decrease of approximately 13.3%.
Source:
CoinCodex
