Dogecoin surged past $0.25 for the first time in three years, reaching $0.28 and climbing to sixth-largest crypto by market cap at $42 billion.
Dogecoin (DOGE) is currently experiencing a surge in value. On November 10, 2024, the OG meme coin achieved its first milestone of crossing the $0.25 mark in three years.
Subsequently, it increased by 25% in the last 24 hours to reach $0.28.. In the interim, its market capitalization reached a three-year high and is presently at approximately $42 billion.
Dogecoin subsequently dethroned XRP and the USDC stablecoin to become the sixth-largest crypto asset by market capitalization.
Predictions for Dogecoin: Bold
According to experts, the token may be poised for more rapid growth. Dogecoin has recently experienced a “golden cross” on its weekly chart, according to a crypto analyst who goes by the pseudonym ‘Mikybull Crypto.’ This favorable technical signal was last observed in Q4 2020, prior to a significant price increase.
The analyst suggests that the asset may be on the brink of a significant upward trend once more, given the current golden cross. Price targets between $2 and $4 are feasible in this cycle, which encourages confidence in a continuation of its historical growth trajectory, as indicated by Fibonacci extension levels.
Ali Martinez, another prominent crypto analyst, suggested that Dogecoin’s potential apex may be situated between the Fibonacci retracement levels of 1.618 and 2.272, based on historical price patterns.
If this analysis is accurate, the meme coin’s potential peak is situated within the $3.95 to $23.26 range, which represents a significant increase from its current price.
What is the Rationale Rehind the hype?
Elon Musk, the CEO of Tesla and SpaceX, has been vocal in his support of Donald Trump, the newly elected President, and has even participated in his campaign.
This surge can be attributed to Musk. Musk suggested a potential position as the chief of a proposed Department of Government Efficiency (D.O.G.E.). This prompted amusing rumors that Musk might introduce Dogecoin into the Treasury.
Several dog-themed assets have experienced a surge in value over the past week as a result of Trump’s victory and his commitment to bolstering the crypto industry.
This encompasses Shiba Inu (SHIB), which has risen in market capitalization rankings to become one of the largest cryptocurrencies, surpassing Tron (TRX) and Toncoin (TON) while doing so.
